Mount of piety gets greedy.
So the Spanisah Cajas/mutuals are in a heap of trouble just like the profit seeking banks. Odd that I thought the script said the greedy bankers/banks were to blame, not the greedy mutuals. Just maybe both private banks and mutuals read the wrong signals? and made the same mistakes, just dressed up a little differently.
Anyways just like the Banks in 2008, they are running around Asia trying to get some cash, and/or they are going to be turned into private banks. How ironic.
Where all this will leave the largess that these mutuals bunged to the local politicians and helped them with a bit of electoral bribery, who knows.
A Spanish women did make the point to me about "cuts" here in the UK and Spain, it was her contention that the "cuts" are easier to sell in Spain as the Caja's used to fund so much civil spending, and as they are no longer making money, people except more easily that the money has dried up.
I don't know if that's true, it probably helps having a Socialist front man taking the calls from Frankfurt and Berlin.
One thing for sure is the Spanish cuts are permanent, the Caja's are not coming back.In the UK as soon as the PSBR comes down a bit or the Tax take goes up the shrill voices from the BBC downwards will be looking to "fund public investment"