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At the end of September, the central bank's governor declared the process of recapitalization of Spanish banks completed, after the 4.75 billion-euro bailout of three more cajas that had failed to meet capital requirements set last February.
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If you think the recapitalization makes sense, then this destigmatization of the process is a good thing.
Similarly, government interventions in the banking sector by means of recapitalization and guarantees were successful but insufficient.
"The remaining issues for the euro area look to be outside their remit," he added, referring to the need for further recapitalization of banks, particularly in Germany, where the process seems to be lagging behind that of the United States.
"Any amount of recapitalization of banks, if the country itself is not on the right track, is a waste of time".
The nation's banks are in dire need of recapitalization, in part because they were so heavily invested in Greek sovereign bonds.
The agreement is in the form of a recapitalization of Continental.
Federal regulators seized the bank in July after the collapse of a recapitalization plan by the Pritzkers and Dworman, who each blamed the other.
The referendum will most directly affect Italian banks in the midst of audacious recapitalization efforts.
At a news conference Friday morning, Chancellor Angela Merkel of Germany would not give a precise start date for the system nor for the direct recapitalization of banks.
The rescue operations of the central bank along with the restructuring and recapitalization of the banks increased the public debt ratio by about 20 percentage points of GDP.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com