Banks 'could lose billions' from Madoff fraud

European banks have revealed potential losses of millions of euros resulting from exposure to the alleged fraud at Madoff Investment Securities in the US.

Banco Bilbao Vizcaya Argentina (BBVA), the second-largest bank in Spain, says it may lose EUR300 million from the hedging of structured products linked to Madoff's funds. In a statement to Spain's stock market regulator, BBVA said it acted on behalf of other financial entities and institutional investors to set up products linked to third

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