All the day’s economic and financial news, including a bank rescue in Spain and the OECD’s latest global economic outlook
- Breaking: Failing Banco Popular taken over, for €1
- Santander to raise €7bn in new capital
- ECB triggered rescue process
- Coming up: UK house prices and OECD 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.
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 https://t.co/aNqq1OEaO8