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Spanish recession set to deepen as austerity bites

Spanish Economy

The Spanish economy is falling deeper into recession and depositors are pulling their money out of the banks, figures published on Tuesday showed, while the country's most economically important region, Catalonia, said it needed a major rescue from Madrid.

 

Spain to Make Official Aid Request Monday

Spain's government said Friday it plans to make its official request for EU aid for its banking sector Monday, as discussions continue on ways to inject European aid funds directly into ailing Spanish banks.

 

Euro Watch: Spanish Borrowing Costs Soar, Calling Bailout Into Question

Eurozone

Spain’s borrowing costs soared Tuesday to levels that have sent other euro members into the arms of international lenders, calling into question the viability of a bailout deal for Spain’s banking sector even as other troubled countries were weighing whether they could make similar rescue arrangements.

 

A look at the 4 eurozone countries with bailouts

Spain

Europe agreed Saturday to allow Spain to tap a rescue fund of up to (EURO)100 billion ($125 billion) to bail out its troubled banks, which are struggling under the weight of soured real estate loans after a Spanish housing bubble burst. Spanish Economy Minister Luis de Guindos said the country will reveal how much money it needs within coming weeks, after audits of its financial sector are completed.

 

Stocks rally, see their best week of the year

Stocks closed out its best week of the year Friday, as investors played things close to the vest before the weekend when Spain is expected to request aid for its troubled banks.

 

Spain says markets shutting it out, seeks EU help for banks

Spain's high borrowing costs mean it is effectively shut out of the bond market and the European Union should help Madrid recapitalize its debt-laden banks, Treasury minister Cristobal Montoro said on Tuesday.

 

Money flies out of Spain, regions pressured

Spain

Spaniards alarmed by the dire state of their banks are squirreling money abroad at the fastest rate since records began, figures showed on Thursday, and the credit ratings of eight regions were cut.

Senh: I guess they're following the Greeks.

 

Lack of new cash disappoints in Spain bank reform

Spain's government tried to plug a gaping hole in the country's banking system on Friday, but the fourth such attempt to tackle the fallout of a property crash fell short of expectations.

 

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