In May 2012 credit ratings of several Spanish banks were downgraded, some to "junk" status, and the Bankia bank, the country's largest morgage lender, announced that it would require a bailout of 23.5 $to cover losses from failed mortgages.
Credit ratings of several Spanish banks were downgraded, some to "junk" status. This was in May 2012. It would require a bailout of 23.5 $to cover losses from failed mortgages. This was what the Bankia bank announced. The Bankia bank was the country's largest morgage lender.