Credit Crisis Turns Tables on Spain; For Credit Agricole Expensive to Get Out of Greece: Roundup
In the earlier years of the European debt crisis, Spain pushed for Ireland and Portugal to accept international bailouts, lest the confidence in those countries’ ability to repay borrowers spread to neighboring countries (i.e. Spain). Now foreign leaders are urging the Madrid-based government to ask for help from the European Central Bank, and Spanish prime minister Mariano Rajoy is resisting.
Credit Agricole’s 2006 purchase of Emporiki Bank of Greece may cost the French lender another $779 million, according to the Wall Street Journal. Credit Agricole has already written off billions on Emporiki, which has been roiled by the Greek economic crisis; the French bank is in the process of selling Emporiki, for an expected price of 1 euro. Read More
