S&P lowers rating of 5 Spanish banks - Gayo Lues
On Friday, S&P announced that it had lowered its credit ratings for Banco Popular, Bankinter, Banca Civica, and Bankia along with its parent Banco Financiero y de Ahorro (BFA), AFP reported.
“The rating actions follow our review of the wider implications for economic and industry risks in the Spanish banking sector after our two-notch downgrade of the Kingdom of Spain,” the ratings agency said in a statement.
On April 26, S&P lowered Spain’s sovereign debt rating to BBB-plus and said that it expected the Spanish economy to contract in 2012 and 2013.
Battered by the global financial downturn, the Spanish economy collapsed into recession in the second half of 2008, taking with it millions of jobs.
Many economists believe Spain’s economy will enter into a new recession in the first two quarters of 2012.
The worsening eurozone debt crisis has raised Spain’s financing costs and raised concerns that the country might have to seek a European Union bailout, like Greece.
source: Presstv.ir – Europe News
Share This Post
Related News You Should Read
Spain court charges 22 policemen
A Spanish police officer aims a rubber bullet gun at protesters in Barcelona. (File photo) Sun May 19, 2013 8:5AM Share | Email | Print A court in Spain has formally charged 22 Spanish riot police officers with causing serious harm to a man when they fired rubber bullets at protesters in Barcelona. Judge Josep
‘Italy economy shrinks by 0.5% in Q1’
A man looks for job opportunities in newspapers in a downtown Naples shop. (file photo) Wed May 15, 2013 1:47PM Share | Email | Print Related Interviews: ‘Austerity shrinks Spanish economy‘ ‘Ultra-rich rule Western nations’ Italy’s economy has shrunk by 0.5 percent in the first quarter of 2013 in a greater slowdown than expected. Official
German Amazon workers stage strike
Employees of online retailer Amazon protest during a strike in Leipzig, Germany on May 14, 2013. Tue May 14, 2013 6:6PM Share | Email | Print Related Interviews: ‘Cameron’s govt. favors wealthy Britons’ ‘Austerity shrinks Spanish economy‘ Amazon employees in Germany have staged a strike to put pressure on the internet retailer to improve pay
Advertisement
Maybe You Like This
From left to right, Spanish Prime Minister Mariano Rajoy, French President Francois Hollande, German Chancellor Angela Merkel and Italian Prime Minister Mario Monti...
Russia’s K-410 Smolensk cruise missile submarine (file photo)Thu May 2, 2013 9:23AMShare | Email | PrintThe Russian Navy has 48 nuclear submarines, 20 of which...
Mexican children (file photo)Thu Mar 1, 2012 1:31PMShare | Email | PrintA new report has revealed that a child trafficking ring uncovered by the Mexican police in...
Refugees coming from Syria wait to receive humanitarian aid at the entrance of an NGO in the area of Wadi Khaled on the Lebanon-Syria border. (File photo)Tue Jan...
Radar network of Iran air defense units has proven capable of detecting and tracking stealth aircraft and unmanned aerial vehicles. (File photo)Tue Mar 12, 2013...
