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Banks

Spanish banks tumble after first crisis intervention

MADRID, March 30 (Reuters) - Spanish banks lost as much as 8 percent at Monday’s market opening after the first intervention in a Spanish bank since the start of the global crisis.

On Sunday, the government said the Bank of Spain would take over the running of regional savings bank Caja Castilla la Mancha and would provide funds to help the bank backed by up to 9 billion euros in government guarantees.

At 0706 GMT, banks had pared back initial losses with Banco Popular POP.MC down 5.86 percent to 4.66 euros, Santander SAN.MC was down 4.68 percent to 5.09 euros and BBVA BBVA.MC was down 4.11 percent to 6.07 euros. (Reporting by Sarah Morris, editing by Andrew Hay)

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