Lessons from the Spanish and Other Crisis That Should Not Be Forgotten

29 Oct 2014

The Spanish financial crisis was a crisis of saving banks. In 2007, these institutions had a market share of around 50% of the total system. Saving banks had been set up by Foundations in the XIX and XX centuries and did not have a clear owner who could control management. “When nobody owns, nobody cares”. It was a crisis of insolvency, perceived and initially treated as one of liquidity, as […]