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   
  • Spain's Bankia seeks record bailout of ?19 bn
    Spain's fourth-biggest bank, Bankia ... 31.8 billion euros at the end of last year, according to Bank of Spain figures. Standard & Poor's on Friday cut its credit ratings for five Spanish banks, including Bankia and its parent group BFA. It downgraded ...
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  • Spain's Andalucia seeks 1 billion euro lifeline from Madrid
    MADRID (Reuters) - Andalucia requested a 1 billion euro ($ ... package worth up to 100 billion euros for its banks. The regions have been unable to raise money on bond markets, with many having seen their credit rating downgraded to junk status.
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  • Preparations underway for Spain bank bailout
    The euro zone bailout fund, the European Financial Stability Facility (EFSF), has sufficient capital to meet Spain’s immediate requirements to capitalise the distressed banks ... of last month 19 billion euros to avert bankruptcy. Bankia had already ...
    06/9/2012 - 6:24 am | View Link
  • The Pain in Spain Flashes Financial Armageddon, Inflation Wars
    Money is flooding out of Spain at an estimated E33 billion per month! These bankrupt Spanish banks are being downgraded on a near weekly basis, and the most recent news is that Spain's fourth largest bank, Bankia ... as the Financial Armageddon uncertainty ...
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  • Spain's Bankia seeks 19bn-euro bailout from government
    Spain's fourth-largest bank, Bankia, has asked the government for a bailout worth 19bns euros ($24bn ... Spain's credit rating was downgraded by S&P last month on the basis that it would probably have to take on more debt to support its banks.
    05/25/2012 - 3:13 pm | View Link
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