It’s not looking good for the Spanish banking system. Standard & Poor’s just slashed the credit ratings of five banks and said the country is headed into a double-dip recession. One of them, Bankia, just asked the government for 19 billion euros in aid - a roughly $23.8 billion boost.

Topics:  it&rsquo   standard   poor&rsquo   bankia   banks   billion euros in aid   
BING NEWS:
  • Spain Seeks $125 Billion Bailout as Bank Crisis Worsens
    Fitch Ratings downgraded Spain to BBB, within two steps of non-investment grade, on June 7 and said the cost to the state of shoring up banks may amount to as much as 100 billion euros in the worst ... “When Bankia got into trouble and they had to ...
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  • Leading Spanish bank seeks fund support to avert bankruptcy
    Berlin: Spain's ... Friday evening downgraded the creditworthiness of Bankia and four other banks to BB+ from BBB. Last week, Moody's downgraded 16 Spanish banks. Bankia announced on Friday that it suffered a loss of around 3 billion euros in 2011 ...
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  • Bankia seeks US$24-billion bailout from Spain
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  • Spain's Banks Are Collapsing
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  • Spanish Lender Seeks 19 Billion Euros; Ratings Cut on 5 Banks
    Spain’s banking crisis worsened Friday as the board of Bankia, the country’s biggest mortgage lender, warned that it would need an additional 19 billion euros ($23.88 ... ratings agency, downgraded Bankia and two other banks, Banco Popular and ...
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