Spain has gone almost three years without a government with a parliamentary majority. The worst part is that there is nothing on the horizon that would guarantee more stability. To this already very complicated panorama must be added that the Supreme Court has been incapable of arbitrating a solution acceptable for Spanish society about who should pay mortgage stamp duty.
Spain’s supreme court
Bankia, created from the merger of seven savings banks lead by Cajamadrid and Bancaja, and its July 2011 stock market listing, have become a major headache for many people: the bank’s shareholders, the current management team, the auditor, the Bank of Spain and the stock exchange regulatory body CNMV.