Thursday, April 14, 2011

Spain admits mistake on communication on China's debt acquisition

From http://www.ft.com/cms/s/0/63862548-668d-11e0-ac4d-00144feab49a.html (in English)

Spanish government mistakingly announced that it had secured the acquisition of up to €9 billion euros in debt by China Investment Corporation, but almost immediately it had to make an embarrassing correction. The news came after a China Investment Corporation official informed Reuters that the claims by the Spanish government were false. This is a serious blow to the Spanish regional savings banks, that are desperately seeking for new finantial resources to meet a €15 billion debt created by the loans during the recent property bubble period.

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