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Spain to rescue its banks - Telegraph

Spain to rescue its banks - Telegraph: "Forty out of a total of 45 Spanish cajas will merge or form operating alliances with each other as the authorities look to prevent fears over the banking system from morphing into a wider market run on the country as a whole.
Alfredo Perez Rubalcaba, Spain's deputy prime minister, said: 'The government is preparing a plan, the aim of which is to increase the solvency and the credibility of the savings banks.'
It is hoped that private investors can be found to put money into the cajas. However, Spain's Fund for Orderly Bank Restructuring could take stakes in those that are unable to attract outside investment.
Spain's main IBEX index of leading shares closed up nearly 2pc on the back of the news, which helped calm fears of a banking crisis brewing in the country.
Shares in Spain's two largest banks, Banco Santander and BBVA, led the rebound, each rising more than 3pc."
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