MADRID, May 25 (UPI) -- Estimates of what it will cost to rescue banks in Spain are rising, as Standard & Poor's said it had cut credit ratings on five banks Friday.
The nation's fourth largest bank, Bankia, the country's largest real estate lender, estimated it needed $23.7 billion to survive, a sharp jump from an estimate of $11.2 billion offered Wednesday by Spanish Finance Minister Luis De Guindos, The New York Times reported.