Shares in Bankia plunged almost 30 percent early Monday after trading opened, only to recover some of the losses, closing down 13.4 percent. The shares had been suspended Friday before the bank's board called for an additional €19 billion, or almost $24 billion, of government rescue money after reviewing Bankia's latest losses. Stocks were down broadly in Spain. That helped pull down markets elsewhere in Europe, despite optimism in some quarters over weekend polls in Greece indicating that political parties supporting that country's bailout deal might be able to form a government after June 17 elections. If that happened, the widely feared Greek exit from the euro zone would seem less likely to occur. The big financial fear about Spain is that a collapse of its banking industry, with €1 trillion in deposits, might require a bailout that Europe cannot afford. But Prime Minister Mariano Rajoy sought to counter those concerns, vowing Monday that "there will be no Spanish banking rescue." Still, most analysts expect that ballooning loan defaults, coupled with dangerously high borrowing costs for the Spanish government, will eventually give Madrid little choice but to seek emergency financing for its banks from the European Union. The so-called risk premium demanded by investors for holding 10-year Spanish government bonds, instead of German bonds, reached 5.1 percentage points Monday, the biggest differential since the introduction of the euro. "If Spain wants to calm the markets and reduce the risk premium, the only possibility seems to be to appeal for help to the European institutions," said Arturo Bris, a Spanish economist who teaches finance at the IMD business school in Switzerland. It's just too late for the government to make strong statements in order to appease the markets. Daragh Quinn, a banking analyst in London for Nomura, on Monday described the Bankia collapse as "grotesque, unbelievable, bizarre and unprecedented." The phrase was coined as the acronym G.U.B.U. in Ireland, where the economy was sunk by the collapse of its banking sector and received a €85 billion bailout in late 2010 from the European Union, European Central Bank and International Monetary Fund. Meanwhile, as investors seek havens from the euro zone's troubles, Switzerland - which is not part of the European Union and uses its own currency, the franc - has begun considering new controls to stop a destabilizing inflow of foreign currency into the country. The Swiss National Bank worries that too much money rushing in would bid up the value of the franc so high that Switzerland's industries would have trouble competing on global markets. In Spain, Luis de Guindos, the economy minister, had forecast this month that the total cost of rescuing Bankia and other Spanish banks would not exceed €15 billion. Mr Quinn, however, estimated Monday that recapitalizing Spanish banks would cost an additional €50 billion to €60 billion. The Spanish government seized control of Bankia on May 9, two days after its executive chairman quit. Last Friday, the bank's board not only asked for billions of euros in additional help but also revised its accounts, posting a 2011 loss of almost €3 billion instead of the €309 million profit that it had reported in February. Meanwhile, the government could soon get saddled with three other banks - CatalunyaCaixa, Novacaixagalicia and Banco de Valencia - that have been put up for sale, so far unsuccessfully.