Spain's four nationalized banks on Wednesday won the approval of European Union regulators for nearly €40 billion ($51.78 billion) in euro zone funding, but the restructuring plans that made the approval possible mean numerous layoffs and big losses for bond-holders of the banks.

BFA/Bankia, Catalunya Banc, NCG Bancco and Banco de Valencia SA will receive 37 billion from the European Stability Mechanism. In exchange for that, bond-holders must take an approximately €10 billion loss, Banco de Valencia must be sold to Caixabank, a financially sound Spanish bank, and the largest of the four banks, Bankia, must lay off more than 6,000 workers.

 

Spanish flag at Bank of Spain building

Roughly 610,000 Spaniards visited the U.S. in 2012, a decline of about 13.3 percent.

Photo: Reuters