Spain must tell Europe Bankia restructure plans: European Commission

MADRID (Reuters) - Spain must lay out its plans for the refinancing of nationalized lender Bankia to the European Commission, EC spokesman Amadeu Altafaj said on Thursday.

EU Throws Spain Two Deathlines; Spanish 10-Year Yield Tops 6.7%; ECB Rejects Madrid Ponzi Refinancing Scheme The markets are reeling in the wake of rejection of Spain's Ponzi Recapitalization Scheme by the ECB according to the Financial Times.

By Colin Lokey:On Friday, Spain announced it would inject somewhere between 4 billion and 5 billion euros into nationalized lender Bankia, after it posted a 4.45 billion euro loss for the first half of the year. Although the loss was expected, the decision to recapitalize Bankia immediately is rather amusing, given that it is already set to receive 19 billion euros once its reorganization plan is approved in November.

Just in case anyone is confused about how fixed Europe is, insolvent Spanish TBTF megabank, which F'ed last year and had to be bailed out by the government, will post earnings (and in this case we use the term very loosely) next week at which time it will report the biggest corporate loss in Spanish history.

MADRID (Reuters) - Spain did not consult the European Central Bank on it

Inquiring minds are interested in the recapitalization plans for the Bankia. Please consider this chain of posts. ABC News reports Spain's Bankia set for massive bailout. Spain's fourth-biggest bank Bankia says it is certain of securing the 19 billion euros ($24 billion) in state aid it is seeking in the largest bank bailout in the country's history.

Courtesy of Google translate, please consider the following bleak reports from Spain. Spanish Bank Debt With ECB Up 15.7% in April El Confidencial reports The Spanish bank debt with the ECB increased by 15.7% in April

Here is an amusing set of back-to-back headlines regarding Spain. Via Mish-modified Google translate from La Vanguardia Brussels Puts Spain Under Surveillance for Economic Imbalances