Wed, 30 May 2012 13:43:04 GMT
Spain's bailout plan is dismissed by the European Central Bank
The European Central Bank
expressed their strong disapproval with Spain's strategy to bailout Bankia by
utilizing EUR 19 billion in sovereign debt, which may jeopardize the bank to
break the law prohibiting financing governments by the central bank. Moreover, Bankia
has been severely criticized when its parent company announced its promise to provide
a pension package totaling at EUR 14 million to its former O.C.