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Despite Rajoy's fervent protestations to the contrary, the IMF is reportedly working on plans to salvage Spain's basket case of a banking industry

'The European division of the International Monetary Fund is looking at possible plans for a rescue loan to Spain if that country can't find the cash to bail out its third-largest bank by assets, the Wall Street Journal reported Thursday, citing unnamed sources.

Spain is reportedly short 10 billion euros needed to save Bankia S.A. ; the total tab will run to 19 billion euros, but Spain's bank bailout fund has 9 billion euros left, the newspaper noted. A bailout would essentially nationalize the bank, which got caught short as s result of a crash in the real-estate market and general economic downturn.'

Of course, both Spain and the IMF are loudly denying the report.
No surprises there.
GG/MDP Home Fool
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