Marxo
Well-known member
In 2009 while Spain is in financial disarray the 'House Bank' of R. Madrid Caja de Madrid lends R.M. €130 million to finance the transfers of Kaka and Ronaldo.
A year later financial problems force Caja de Madrid and 6 other ailing regional banks to join with Bankia. This new 'big bank' quickly gets into more financial difficulty and in 2011 they try to get the European Central Bank to give them an emergency loan with Ronaldo and Kaka as collateral but are refused. In 2012 even by Spanish standards they suffer enormous losses of €19 billion. As they are now considered 'too big to fail' they receive €18 billion on condition that they close 1,000 branches and axe 6,000 jobs.
Now through some kind of loophole Bankia have come up with a large portion of €100 million for Gareth Bale. Real Madrid according to goal.com have (at the beginning of this year) a €600 million debt of which they have yet to pay a single cent but are scheduled to stump up €75 million mid 2014 (to Bankia).
So who's paying for Gareth Bale's transfer and substantial wages? A club in debt propped up by a bank in debt propped up by European tax payers money.
A year later financial problems force Caja de Madrid and 6 other ailing regional banks to join with Bankia. This new 'big bank' quickly gets into more financial difficulty and in 2011 they try to get the European Central Bank to give them an emergency loan with Ronaldo and Kaka as collateral but are refused. In 2012 even by Spanish standards they suffer enormous losses of €19 billion. As they are now considered 'too big to fail' they receive €18 billion on condition that they close 1,000 branches and axe 6,000 jobs.
Now through some kind of loophole Bankia have come up with a large portion of €100 million for Gareth Bale. Real Madrid according to goal.com have (at the beginning of this year) a €600 million debt of which they have yet to pay a single cent but are scheduled to stump up €75 million mid 2014 (to Bankia).
So who's paying for Gareth Bale's transfer and substantial wages? A club in debt propped up by a bank in debt propped up by European tax payers money.