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1.Market Observations, 8.Was Sticky

8 June 2017 (AFR,Reuters) – ECB triggers overnight Santander rescue of Spain’s Banco Popular

(8 June 2017, AFR, p12,  By Jesús Aguado and Francesco Guarascio | MADRID/BRUSSELS)

‘European authorities stepped in to avert a collapse of Spain’s Banco Popular POP.MC following a run on the bank, orchestrating a last-minute rescue on Wednesday by Santander (SAN.MC), the country’s biggest lender. Owners of Popular bonds faces losses of some 2 billion euros, while Santander will ask its shareholders for around 7 billion euros ($7.9 billion) of capital to absorb Spain’s sixth biggest bank. Popular’s rescue was unveiled as the European Central Bank announced the lender was set to be wound down, echoing a banking crash some five years ago that cost Spain 40 billion euros.

Read more at Reuters.com

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