Santander rescues Spain’s failing Banco Popular – business live

All the day’s economic and financial news, including a bank rescue in Spain and the OECD’s latest global economic outlook

Karen Tso of CNBC points out that today’s rescue isn’t costing the taxpayer anything, because Santander will raise €7bn of new capital from the markets.

Another #bank bailout in Europe but this time the private sector steps in with @Santander to rescue Banco Popular

Nick Leeson, the rogue trader who broke Barings Bank in the 1990s, is struck by the symbolic price of today’s deal:

Banks are getting cheaper, Barings was £1, Banco Popular only €1

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