Moody’s downgrades 28 Spanish banks - Gayo Lues
Madrid’s lower creditworthiness “not only affects the government’s ability to support the banks, but also weighs on banks’ stand-alone credit profiles,” Moody’s said in a statement issued on Monday.
The statement added that the downgrades stemmed from the agency’s lowering of Spain’s credit rating by three notches earlier this month.
Moody’s made the announcement on the same day that the Spanish government formally asked for a rescue bailout of up to 100 billion euros ($ 125 billion) in aid from the European Union to save its ailing banking system.
The Spanish economy, the fourth-largest in the 17-nation eurozone, is suffering from the aftershocks of a real estate bust that has devastated families as well as banks.
Battered by the global financial downturn, the Spanish economy collapsed into recession in the second half of 2008, taking with it millions of jobs. Unemployment is approaching 25 percent.
The worsening eurozone debt crisis has increased Spain’s financing costs and raised concerns that the country might have to seek a European Union bailout, like Greece.
MN/MF/HGL
source: Presstv.ir – Europe News
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