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Spanish banks would need as much as €62 billion, or $78 billion, in a black sky event, a new report out of Oliver Wyman.
The consulting firm’s report showed the country’s economy could contract by as much as 6.5 percent under worst case scenarios.
Deputy Governor of the Bank of Spain Fernando Restoy cited the report, saying banks requiring greater funding had already been seized by the government.
The news follows an announcement earlier this week from the Bank of Spain, when the country’s central bank said it would delay an audit of major Spanish financials because of the coming holiday season, pushing the release into September.