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Spain's Bankia seeks $24 billion bailout

  • Spain's fourth-largest bank, Bankia, has requested the government for a bailout worth $24 billion.

    Bankia also restated its results, saying it made a $3.7 billion loss in 2011 as opposed to the $386.7 million profit it announced in February.

    Trading in Bankia shares was suspended on Friday on the Madrid stock exchange in order to allow its management to compile a restructuring plan.

    Bankia has already been bailed out because of its bad property loans.

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