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Bankia Could Drag Spain to Bailout

Spains third-largest bank has asked government for $24 bln in aid.

By Charles Penty, Bloomberg | Updated on May 31, 2012

Bankia group risks dragging the rest of Spain into its vortex.

As Spain’s third-biggest bank asks Prime Minister Mariano Rajoy’s government for 19 billion euros ($24 billion), international investors are tallying the potential cost for the rest of the industry and betting he won’t be able to foot the bill. With foreign investors shunning Spanish debt, leaving national banks to fund the government, the nation’s 10-year borrowing costs compared with Germany’s are near a record.

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