Tag Archives: crunch

Spain threatened by resurgent credit crunch

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More than a century ago, Manuel Rodriguez left his fishing village on Spain’s southern coast and moved to Madrid to build guitars for local flamenco musicians. Three generations on, the family is still in the trade. Based in the small town of Esquivias south of the capital, Guitarras Manuel Rodriguez and Sons turns out more than 5,000 handcrafted flamenco and classical guitars every year, along with a small range of other wooden instruments. Despite the Continue reading Spain threatened by resurgent credit crunch→

Bankia goes bust (quick, get your cash out) and another 4,5 billion of public cash is counted out

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Bankia, the new Spanish bank made out of a shotgun wedding of no fewer than seven failed Spanish caja de ahorros, and the bank with the largest exposure to real estate debt in the country (37,500 million euros), has seen its share price sink through the floor after it was leaked that Bankia is bankrupt. Expansion, the financial paper, tells us this morning that emergency talks between Madrid and the Bank of Spain are culminating Continue reading Bankia goes bust (quick, get your cash out) and another 4,5 billion of public cash is counted out→