.jpg){kind=avatar}
.jpg){kind=avatar}
300,000 equity investors got wiped out this week when Banco Santander paid 1 euro for Banco Popular, a Spanish lender that burnt through €3.6bn in two days as it fell victim to the eurozone’s first large-scale rush to withdraw deposits.
The Spanish lender, weighed down by €37bn in mostly toxic property loans, was forced to tell authorities in Madrid on Tuesday that it would be unable to open the next day without a rescue deal to shore up its rapidly evaporating liquidity. By 3pm Madrid time on Tuesday, it was clear to supervisors in Madrid, Brussels and Frankfurt that Popular did not have enough high-quality loans left to use as security for additional central bank assistance.
https://www.ft.com/content/f43d182c-4c4f-11e7-a3f4-c742b9791d43
unknownx500
