The Spanish government has moved to 'bail out' the first banking institution to fail in Spain during the current financial crisis.
In Spain, we have banks 'bancos de credito' and building societies 'cajas de ahorros', with the building societies being the most common place for Spaniards to keep their money. There are tons of building societies here, and the Caja Castilla La Mancha (CCM) isn't the largest by a long way (I believe that this honour falls to La Caixa d'Estalvis i Pensions de Barcelona, 'La Caixa'). In fact, CCM is apparently the newest of Spain's building societies. All the same, news of troubles at CCM suggests that the building society system here, much touted as being safer than those in other European countries, isn't quite as cast-iron as we'd been led to believe.
I bank with La Caixa (well, I have my salary paid there: I don't get involved in anything more complex than having a credit card), and I will be damned annoyed if it appears that the Barcelona bank is in trouble too. The amount they charge me for basic services….
Let's hope that this so-called bail out means that normal customers don't end up losing any of their cash. But shouldn't we be pushing for a full nationalisation of the banks? I feel a poll coming on.