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'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.
    09/2/2012 - 1:00 pm | View Link
  • Spain, U.S. data drag on Europe stocks
    The country's government will borrow as much as 100 billion euros ($123 billion ... t solve anything right away,” she added. Spanish banks, such as Banco Popular Español SA (POP), off 7.1%, and Bankia SA (BKIA) 8.7% lower, attracted market attention ...
    06/26/2012 - 1:32 am | View Link
  • Spain's banks, government co-dependent on debt
    Moody's Investor Service late Monday downgraded ... Bankia, SA, which crumbled under the weight of bad real estate loans and was recently nationalized, holds almost €17 billion in state debt, or 5.5 percent of its total assets. It is one of several big ...
    06/24/2012 - 1:00 pm | View Link
  • 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
  • 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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