After Bankia issued new stock yesterday, its share prices fell sharply, but less than expected. General gains across global markets created a favorable environment considering the tough situation that Bankia is in.
Preferential shareholders lost 75% of the value of the stock that they have been holding for months. It is still possible for Bankia shares to drop more over the next few days. But today marks a new era for the firm.
Goirigolzarri shold demonstrate his capacity to increase the bank's liquidity and return shareholders and taxpayers some of the money that they have invested. Doing so will be a challenge, because shareholders who have watched their investments evaporate can only resort to arbitration or the courts.
