The European Union recently announced that nationalized Spanish banks that need such funds from Brussels should convert preferred stock into more liquid common stock with a discount of around 40 percent, which would mean huge losses for thousands of savers.Most Spaniards have traditionally stayed away from investing in stocks or mutual funds to build savings for the future. Instead, they have invested in real estate and relied on the advice of managers at "cajas," the equivalent of local savings and loans banks, which have virtually disappeared in the U.S.
1 Million Investors Lose It All: Spain
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