From ubiquity into oblivion : valencian banks as casualties of the multinational banks in Spain

The economy of the Valencia region (Comunidad Valenciana) in Spain has suffered the consequences of Spanish and Valencian corruption in its banking and government policies. The scandalous/outrageous and dangerous 26% unemployment rate nationwide has reached almost 30% in the Valencia region. From a regional perspective, there have been historical tensions between centre and periphery, seen with the Franco regime (1939¿1975) that reaffirmed the pre-eminence of private commercial banks and handicapped traditional savings banks, implementing a practice from the 1920s called the principle of territoriality. Until 1974 the savings banks or 'cajas' remained outside the Spanish clearinghouse syste…