Qatar said Monday it plans to invest EUR300 million in Spain's savings banks, or "cajas," in what may be the first injection of sovereign capital in the troubled, cash-hungry sector since the start of the 2007-2008 crisis.
The announcement came just as Moody's Investors Service said the cajas and other Spanish banks may need to raise as much as EUR50 billion to boost their solvency and regain market confidence, more than twice the amount the Spanish government had said would be needed in coming months.
Qatar's Prime Minister Hamad bin Jassim bin Jaber bin Muhammad Al Thani made the statement in Doha, Qatar, in a press conference held jointly with the visiting Spanish Prime Minister Jose Luis Rodriguez Zapatero, Spain's government said in a press release.
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