Hedge funds take out short positions on Spanish banks

Several Anglo-Saxon hedge funds are betting that collapse of the housing boom in Spain will result in heavy losses for the country's banks by taking out significant short positions on BBVA, Santander, Popular and other Spanish financial institutions. The short positions are a way for the hedge funds, including Harbinger Capital, Blue Ridge Capital and Calypso Capital, to continue shorting UK banks after Santander took over Alliance & Leicester, Abbey National and Bradford & Bingley.

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