Tag Archives: Spanish Banks

Moody’s Downgrades 16 Spanish Bank Ratings – 18 May 2012

The Associated Press

Moody’s Investors Service is downgrading the ratings of 16 Spanish banks because of the country’s worsening financial picture.

Moody’s lowered its rating by one to three notches on the long-term debt and deposit ratings for 16 Spanish banks and one U.K. subsidiary on Thursday. Continue reading

Stephen Cook – Spanish Withdraw 1 Billion Euros! French Government Slashes Pay By 30% – 17 May 2012

Stephen: It’s all happening in Europe today. I mean, we have long been told things would happen in the blink of a eye…

Following the Greeks withdrawing over 800 million Euro from their banks yesterday, the Spanish have grabbed their withdrawal slips, headed for their banks and started removing their money, too. Over 1 Billion Euro out already today. Continue reading

Mish/ Mike Shedlock – Spain Nationalizes BFA And 45% Of Bankia; No Bid For Catalunyacaixa, Bank Worth Less Than Zero; Der Spiegel : Germany Fears “Bottomless Pit” – 10 May 2012

The implosion in Spanish banks continues. On Wednesday, Spain nationalized BFA, the 8th nationalization since the start of the crisis.

After sinking 3 billion into CatalunyaCaixa, Spain tried to privatize the mess but there were no offers at zero euros. Clearly CatalunyaCaixa bank is worth less than zero.

Meanwhile Der Spiegel reports “Bundesbank has no idea of what is happening in Spanish banks”. Mish readers do. The Spanish banking system is without a doubt bankrupt. Continue reading