Spanish savings banks mull merger as debt crisis bites

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Spanish savings banks mull merger as debt crisis bites

BBC – Three Spanish savings banks, Ibercaja, Liberbank and Caja3, are considering a merger to strengthen their balance sheets as the country’s debt crisis continues to bite. The banks said their boards would meet on Tuesday to vote on the merger. The difference between German and Spanish bond yields also hit a new high, as investors lose faith in the Spanish economy and flee to safety. German 10-year bond yields fell to 1.347% while Spain’s rose to 6.5%. Read Article

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