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Spanish Bondholders to Rank Behind Official Loans After Bailout
Investors holding bonds issued by Spain and its banks will rank behind official creditors in the queue for payment after the nation asked for a bailout of as much as 100 billion euros ($125 billion). The funds will be channeled through the state-run FROB bank-rescue fund and Spain will “retain the full responsibility of the financial assistance and will sign” the agreement with the other partners, according to the statement issued yesterday. The document did not make clear whether the European Stability Mechanism, the region’s permanent support fund, which is expected to start operating in July, or the ... (full story)
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