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ECB triggers overnight Santander rescue of Spain's Banco Popular

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'This deal is good for Spain and it's good for Europe,' says Santander chairman Ana Botin. In contrast to earlier crises, the hurried sale of Popular did not spook markets and banking stocks rose in Europe.

Brussels

EUROPEAN authorities stepped in to avert a collapse of Spain's Banco Popular following a run on the bank, orchestrating a last-minute rescue on Wednesday by Santander, the country's biggest lender.

Owners of Popular bonds face losses of some two billion euros (S$$3.10

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