Revelation 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"
Heavy losses to investors at nationalized banks are on the horizon in Spain.
The Spanish government also announced that they will be hiring external financial advisers to work with the country’s Fund for Orderly Bank Restructuring to get the nation’s banking system solvent.
The restructuring terms will impose losses of 61% at the largest nationalized banks. At the troubled Bankia, the only publicly traded bank, shareholders will lose almost their entire investment in the bank. Junior bondholders will lose 30% or more of their original investments.
When the recapitalization is finished, all shareholders will have control of less than 1% of Bankia.
Shareholders at Banco de Valencia will be facing losses of 90%.
The moves are part of the requirements the EU placed upon the nation for bailouts. The Spanish government spent six months trying to get the EU to relax their demands on the banking restructuring.
