News In Brief

Ticker

Spanish pensioners to lose money on Bankia despite bailout

28.12.12 @ 07:07

  1. By EUOBSERVER

Spain's Bankia will slash the investments of some 350,000 shareholders, many of them small savers and pensioners, after the bank reported far larger losses than previously estimated, Reuters reports. Bankia will receive €18 billion from an EU bailout by Friday, but none of that money will help the pensioners.