Tag Archives: Spain Crisis

John Ward – Spain Crisis : Deloitte Reports €1BN Overstatement In Bankia Savings & Loan Division – 10 May 2012

Spanish crisis moves up a gear as doubts grow about Madrid bailout resources

Sources in troubled Spanish bank Bankia confirmed to leading Spanish newspaper El Mundo yesterday that auditors Deloittes had discovered what they called ‘an inflated statement of liquidity’ for 2011 in the Caja division of the Group. Its shares dropped 6 percent on the news, its third straight day of heavy losses. Continue reading