Spain To Approve New Financial Reform

By: Associated Press
By: Associated Press

The Spanish government is expected to unveil are form package for its troubled banks later, that's aimed at convincing investors that the sector is solvent and the country has a strategy to avoid the bailout fate of Greece, Ireland and Portugal.

The package is expected to include measures obliging banks to increase provisions against bad loans and possibly plans for the creation of a new entity that would act as a "bad bank."

The government may also disclose details Friday on its nationalization this week of Bankia SA, the Spanish bank with the highest exposure to bad property loans following a crash in the construction sector that started in 2008.

Spain is in its second recession in three years and is battling to reduce a swollen deficit and 24.4 percent unemployment.


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