Spanish Government has provided significantly more money to the ailing Spanish banking sector than previously reported.
Spanish National Audit Office, the Tribunal de Cuentas estimates that the Spanish banking sector, allocated close to 108 billion euros, since the banking crisis began. That’s 75 percent more than the previous estimate and nearly three times as much as the aid package to the intervened banks, which was just over 41 billion Euros.
The reason for the much larger number is that the National Audit Office calculated in other forms of support, including lists of the accounting firm Oliver Wyman. It includes, for example, the support that leading banks such as Banco Sabadell and CaixaBank received to take over the ailing banks CAM and Banco de Valencia.
The new calculation method indicates, moreover, that CAM (Caja de Ahorros del Mediterráneo) is the bank that received the single greatest aid, namely 24.8 billion Euros. Bankia has received 22.4 billion Euros and CAM 17.8 billion Euro.
AVE high-speed project derailed and crashed
The high speed train between Malaga and Seville are dropped even though it already invested 280 million euros in the project.
The Andalusian regional government has decided to pay back EU support of € 140 million to the stretch. This is because the project is deemed impossible to implement in the current economic crisis, property Marbella.
Fast trains stretch, which already cost 280 million Euros, was presented as a crucial infrastructure projects. The opposition party Partido Popular call it stalled project for a scandal.
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