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Spain plans partial nationalisation of savings banks

By Implode-Explode Heavy Industries

``If the clean-up costs around 50 billion to 60 billion euros and the government's plan is credible, "that's a net positive," Fitch debt rating agency's head of sovereign ratings said on Friday. Even in the absence of private investment into the weak regional lenders, economists say Spain could afford that level of rescue without seeking outside aid, which could take pressure of euro zone aid fund the European Financial Stability Facility.''

Full post as published by Mortgage Lender Implode-o-Meter on January 21, 2011 (boomark / email).