Caja Castilla La Mancha: Spain’s answer to Northern Rock
A Spanish Northern Rock
The guessing game as to which Spanish financial institution would be the first to do a “Northern Rock” is over. Last Saturday the Bank of Spain stepped in to bailout Caja Castilla La Mancha (CCM), a regional savings banks from the Castilla La Mancha region, providing the bank with 9 billion Euros of government-backed guarantees, and kicking out the top management.