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.
That makes it the largest bank bailout in Spain's history. Combined with escalating concerns that Greece is about to execute its so-called Grexit from the euro currency, the news is doing nothing to alleviate the heightened anxiety in the euro zone.
Standard & Poor's, which caused market shockwaves last summer when it downgraded U.S. debt, said the Spanish banking sector was vulnerable to turbulence in capital markets because it relies heavily on foreign funding.
Want to master Microsoft Excel and take your work-from-home job prospects to the next level? Jump-start your career with our Premium A-to-Z Microsoft Excel Training Bundle from the new Gadget Hacks Shop and get lifetime access to more than 40 hours of Basic to Advanced instruction on functions, formula, tools, and more.
Other worthwhile deals to check out:
- 97% off The Ultimate 2021 White Hat Hacker Certification Bundle
- 98% off The 2021 Accounting Mastery Bootcamp Bundle
- 99% off The 2021 All-in-One Data Scientist Mega Bundle
- 59% off XSplit VCam: Lifetime Subscription (Windows)
- 98% off The 2021 Premium Learn To Code Certification Bundle
- 62% off MindMaster Mind Mapping Software: Perpetual License
- 41% off NetSpot Home Wi-Fi Analyzer: Lifetime Upgrades
Be the First to Comment
Share Your Thoughts