In light of the recent and ongoing worldwide banking crisis, there is huge concern for many of us but the good news is that Spain is a much safer bet than many other European countries.
Today Zapatero met with the directors of the biggest Spanish banks and it was decided that the Spanish government would immediately increase the level of insurance for bank deposits covered under the Deposit Guarantee Fund.
At the moment, the government guarantees up to 20,000 euros per account but plans on increasing this (though so far no announcement has been made on how much by).
Earlier this week Economy Minister Pedro Solbes made the statement, “With available data, we think that the Spanish financial system is in no danger.” He continued, “the system is reasonably comfortable and is not in a comparable situation to other countries.”
In fact, Spain’s biggest banks including Santander and BBVA have emerged relatively strong positions from the global financial turmoil. My own bank Solbank told me that they would personally guarantee savings up to 100,000 euros.
This is a concern for many of us but the good news is that Spain is much safer than many other European countries.
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