Sunday, 28 October 2012

Saving Spanish banks cost each of us €1,846.67 in 2010

Total: €87,145.47 million, 8.20% of GDP and 94.2% of total rescue packages
MADRID Spanish banks grabbed the major part of public subsidies and financial rescues in 2010, so that they could survive the crisis. A total of €87,145.47 million, divided by the population at the time, according to Europa Press, results in each (tax-paying) inhabitant of the country 'paying out' €1,846.67 that year to save the financial entities. This statistic comes from the annual report issued by Comisión Nacional de Competencia (CNC, National Competition Commission). The figure represents a massive 8.20% of Gross Domestic Product, and a stunning 94.2% of all public subsidies, rescue packages, etc, which amounted to €92,500 million.

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