Audiencia Nacional (National Court) building in Madrid. (The Daily Star/FVD via Wikipedia)
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A Spanish court has jailed five former executives who got millions in severance pay from a struggling bank that later had to be nationalized, a first in a country still reeling from banking bailouts.The following year, NCG was nationalized to avoid bankruptcy as were other banks – and cash-strapped Spain eventually asked the European Union for a 41.3-billion-euro bailout of the banking sector in 2012 .NCG received a total of nine billion euros in aid, and in 2013, Spain sold it to Venezuelan bank Banesco for one billion euros.
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