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Bankia on Road to Recovery
Spanish lender Bankia is showing signs of recovery. The fiscal rescue together with huge write-offs on overvalued property assets contributed to its accumulation of its record breaking corporate loss amounting Eur19.2 billion.
Bankia requested a state rescue plan in the middle of 2012, has now reported that the deposits have been rising and non performing loans have been falling. Furthermore, the bank has undergone austerity measures and is forecasting to meet projected profit this year. These positive signs though prove bleak as Spain continues to be hounded by recession and the government has been on a belt tightening spree to cut the deficit.
When the property market crashed, many banks in Spain convinced the government to ask Eur40 billion from its EU co-members to help rectify the country's financial markets. Bankia was the poster child of the crisis, as it squandered its state rescue funds on bad property loans and other sour deals.