Banco Popular, Spain’s fifth-largest bank, with over $100 billion in loans, collapsed earlier this month, forcing it into the arms of its rival, Banco Santander. The latter, Spain’s largest bank, bought the failing institution for the nominal sum of one euro after depositors withdrew money en masse and the company’s stock price plunged.
Rather than panic, though, world financial markets shrugged, and eurozone regulators congratulated themselves for directing a big bank rescue without having to tap taxpayers.
Isn’t it good to know that everything is under control among eurozone banks?
