Bailing out Bankia again after replacing top management may not be sufficient to persuade investors that Spain is doing enough to repair a banking system burdened by bad loans and real estate.
“This is the changing of the guard at Bankia but by itself it’s not enough,” Ricardo Wehrhahn, a partner at Roland Berger Strategy Consultants in Madrid, said in a phone interview. “The real signal will be when they spell out in a credible way how they will clean up the balance sheets of the whole banking system.”
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