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Shares in Spain's Bankia plummet for 2nd day

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[December 28, 2012]  MADRID (AP) -- Shares in bailed-out Spanish bank Bankia SA are falling for a second day, dropping more than 30 percent at one point during trading on the IBEX-35 stock exchange.

By midday Friday, Bankia recovered slightly but was still trading down 25.2 percent at euro0.41 while the IBEX-35 dipped 1.8 percent.

Officials with the country's bank bailout fund revealed late Wednesday that Bankia, which is in line for a euro18 billion ($23.88 billion) bailout, was worth minus euro4.2 billion. The Fund for Orderly Bank Restructuring revealed the extent of the bank's negative value -- more debts than assets -- due to worse-than-expected losses on toxic property investments.

Bankia's falling share price also hit Banco de Valencia, another nationalized lender, whose stock fell 20 percent, having closed 21 percent down the previous day.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.






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