Sunday, 13 May 2012

Banking Crisis Hits Ordinary Spaniards Hard

The Spanish government has announced major reforms to the country's banking sector. The key measures include requiring banks to set aside more money to protect themselves from bad loans, and an independent audit of the sector's debts and assets. Spanish banks are saddled with large amounts of bad debt, after the property market collapsed in 2008. The resulting crisis hit ordinary Spaniards hard, as Sonia Gallego reports from Madrid.