The last global financial crisis didn’t just hit American banks hard; European banks suffered just as much, if not more. And while our banks have largely recovered from the crisis, the same is not true for some European banks particularly those in the ‘PIGS’ (Portugal, Italy, Greece, and Spain). And recent news shows how bad the banking situation in Spain has gotten.

In the following video, Right Wing News looks how Spanish bank Banco Santander had just bought troubled bank Banco Popular for the symbolic price of 1 Euro. While governments and financial media are crowing over this deal as some sort of victory, don’t they realize thatBanco Santander had essentially bought up a toxic balance sheet of $150 billion on less than 24 hours due diligence? And this situation may soon repeat itself in Italy, with many smaller banks teetering on the brink of collapse.

What happens when there is no more taxpayer funded "bailouts," which have certainly fallen out of favor in recent years? That's when people can expect banks to start doing exactly what they did in Cyprus a few years ago, which are called “bail-ins.” According to Investopedia:

A bail-in is rescuing a financial institution on the brink of failure by making its creditors and depositors take a loss on their holdings. A bail-in is the opposite of a bail-out, which involves the rescue of a financial institution by external parties, typically governments using taxpayers money. Typically, bail-outs have been far more common than bail-ins, but in recent years after massive bail-outs some governments now require the investors and depositors in the bank to take a loss before taxpayers.