A couple years ago, Spain hatched a plan to help its small, regional banks. The banks, called cajas, had made lots of bad loans during Spain’s real estate bubble.
The plan: Merge the bad cajas with the good ones, in order to make the losses more manageable and bring down overhead.
The government brought in Angel Borges, a banking consultant from Madrid, as a sort of yenta — a matchmaker who was supposed to help the cajas get together.
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