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   
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  • More bad news for Spain: Five banks downgraded
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  • Spanish Lender Seeks 19 Billion Euros; Ratings Cut on 5 Banks
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