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John that's right you know Spain is not grease you're talking about the fourth largest bank in the country also the fourth largest economy in the Euro -- when the new center right government came into power right after Christmas they knew the honeymoon would not be long.
If or where they're at all now in a major move to try to shore up the banking sector and to call markets.
Are keeping me banks from collapsing in the country really the government has taken over one of the country's largest banks.
Known as aren't -- you can see why the government wanted to move in before customers got too nervous.
This bank aren't -- has more than forty billion dollars.
Worth of risky assets so there were certainly a lot of fears that things could get worse.
Spain's problems are many we were there are just last week looking at the unemployment one out of four people without a job now many of those problems and certainly that in the banking sector are related.
To the real estate boom -- so many bad loans out there are so many banks that have billions of dollars in risky assets.
All related to the real estate a boom and then bus that came.
In 2008 UC especially in southern Spain but really throughout the country.
Just area's huge areas even neighborhoods of houses it can't be sold.
And can't be rented either that is major now finally -- one piece of good news the socialist have -- the -- right on this so there is some unity in the initial reaction from the markets has been good so the government may not have a honeymoon and they haven't had a lot of good news but at least today a little sigh of relief John.
And in this country the Dow up about thirty points right now Greg Burke.
Live from Rome thank you.
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