It looks like a run on Bankia has started
17 May 2012 @ 13:40
According to Reuters, 1 billion euros has been taken out of Bankia accounts by worried customers, mirroring similar developments in Greece. From Reuters:
Customers of troubled Spanish bank Bankia, nationalized last week, have taken out over 1 billion euros ($1.3 billion) from their accounts over the past week, El Mundo newspaper reported on Thursday.
The newly appointed chairman, Jose Ignacio Goirigolzarri, informed a board meeting that customers had pulled out funds since the bank was taken over by the government, El Mundo said, citing information from the board meeting it had seen.
At the time of writing this, Bankia's share price is down 16% on the day. At one point, they were down well over 20%. It's not looking good...
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