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 requests bank aid, Moody's downgrades banks
    Moody's downgraded the ratings ... four nationalised banks - Bankia, CatalunyaCaixa, NovaGalicia and Banco de Valencia - will get the bulk of the aid. These banks could need a cash injection of around 40 billion euros as soon as July, the sources said.
    06/25/2012 - 1:03 pm | View Link
  • 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 ...
    06/9/2012 - 7:30 am | View Link
  • Euro zone agrees to lend Spain up to 100 billion euros
    The Spanish government has already spent 15 billion euros bailing out small regional savings banks that lent recklessly to property developers. Spain's biggest failed bank, Bankia, will cost 23.5 billion euros to rescue and its shareholders have been wiped ...
    06/6/2012 - 5:22 pm | View Link
  • Europe stocks slump on Spain downgrade, euro woes
    Pressure remained on the country as Egan Jones Ratings Co. — on Tuesday after the market closed — downgraded Spain’s debt ... the government’s rescue plan for Bankia, saying it will raise the 19 billion euros ($23.6 billion) needed for the bailout ...
    05/30/2012 - 6:35 am | View Link
  • More bad news for Spain: Five banks downgraded
    Bankia, one of the downgraded banks, has just asked the government for 19 billion euros in aid, or roughly $23.8 billion boost. Analysts worry that economies and markets now are so intertwined that the emerging slowdown will further weaken economic ...
    05/26/2012 - 9:00 pm | View Link
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