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 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 ...
    06/25/2012 - 12:11 pm | View Link
  • Spain, Cyprus Downgraded
    Bloomberg reported Thursday that Moody’s cut Spain’s rating late Wednesday to one notch above junk—a three-step drop—and also cut Cyprus from Ba1 to Ba3 after cutting the ratings of three of the country’s banks ... for 4.5 billion euros ...
    06/14/2012 - 2:42 am | 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 - 6:30 am | View Link
  • Spain debt risk premium hits new record in bank crisis
    Under pressure to bolster the balance sheets, three Spanish savings banks -- Ibercaja, Liberbank and Caja3 -- announced they would vote on a merger later in the day. Another lender, Banco Popular, whose long-term debt was downgraded Friday to junk-bond ...
    05/28/2012 - 8:50 pm | 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 - 1:00 pm | View Link
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