Spain's Central Bank offers 80/90% loss coverage in selling CAM

The Wall Street Journal has an interesting item on the Spanish Cajas which seem to have been avoiding the spotlight during recent Itain and ever recurring Greek crisis headlines, read here. A quote:

In an attempt to sell CAM, as the lender is also known, the Bank of Spain is offering sweeping guarantees. According to people close to the central bank, it is offering to cover 80% of losses up to €2.5 billion at CAM and 90% of losses above that level. It is also offering a €2.8 billion credit line: CAM has been bleeding deposits and has to renew €5 billion in short- and long-term funding in 2012, a concern as it becomes more difficult for European banks to borrow.