24/7 Newsfeed

Put Reason 24/7 on Your Site

RSS

Follow Reason 24/7 on Twitter and via RSS

Estimate: Spain Needs $76.3 Billion in Capital to Avoid Downturn

Spain's banks would need 59.3 billion euros ($76.3 billion) in extra capital to ride out a serious economic downturn, an independent audit of the country's 14 main banks by consultancy Oliver Wyman showed on Friday.

The worst-case estimate, which does not take into account tax credits or future bank plans to raise their own capital, is based on a scenario of a 6.5 percent contraction in Spain's economy between 2012 and 2014.

Source: Fox Business. Read full article. (link)

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.

advertisement