Euro Weaker on News of Failure of Spanish Bank CajaSur

by Marilou Moursund on May 24, 2010

in Banks,Credit Crisis,Debt,Foreign Markets

The Spanish central bank took control of CajaSur over the weekend, and the bank will get a cash infusion of 530 million euros.  The euro is off its highest level last week of 1.2421 at 1.23.  Many of the Eurozone governments are starting to release details of their austerity measures designed to bring down the levels of sovereign debt.  Spain’s boom of the late 1990s was also fueled by real estate speculation.

Der Speigel has an interesting slide show that puts the various European countries’ debts and deficits in perspective.

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