Author: firstcause

SPAIN IMPLODING!   [Copy link] 中文

Rank: 8Rank: 8

Post time 2012-5-18 07:36:31 |Display all floors
Moody’s downgrades 4 Spanish regions’ credit ratings

Thu May 17, 2012

Moody’s Investors Service has downgraded the credit ratings of four Spanish regions, warning that they will most likely fail to reach their deficit-reduction targets.


The ratings agency on Thursday lowered the ratings of Catalonia, Murcia, Andalucia, and Extremadura "due to their poor fiscal performance in 2011 and the low probability that the regional governments will be able to meet the 2012 deficit target,” AFP reported.

Catalonia and Murcia’s ratings respectively came down one and two notches, both being graded at Ba1. Andalucia’s rating fell two notches to Baa2 and Extremadura’s slipped one to Baa1.

Moody's added that all the four regions have a negative outlook as does Spain's A3 rating.

Spain is supposed to slash its public deficit from 8.5 percent of the GDP last year to the EU limit of 3.0 percent in 2013. However, all the four regions are currently running deficits that exceed three percent of their GDP.

Recently released figures by the National Statistics Institute show that Spain’s economy has slipped 0.3 percent in the first quarter of 2012, indicating that the country has entered recession for a second time after the global economic downturn in 2008.

Also on Thursday, Spain's IBEX-35 shed 0.6 percent at 6570.40.

The dim economic outlook in Spain has also pushed the interest rate for 10-year bonds to 6.39 percent. Medium-term borrowing costs have also skyrocketed to five percent -- reflecting worries about the health of Spanish banks.

The developments come as the country is battling a record high 24.4 percent unemployment rate.
Diane Abbot (British MP): Anglos love playing divide and rule
David Cameron (British PM): Anglos caused most of the world's problems!

Use magic tools Report

Rank: 8Rank: 8

Post time 2012-5-18 08:27:24 |Display all floors
its a question of who got more stamina, the bulls or the bears.

and the fire that will burn the house is austerity.
I've made my living, Mr. Thompson, in large part as a gambler. Some days I make twenty bets, some days I make none. There are weeks, sometimes months, in fact, when I don't make any bet at all because ...

Use magic tools Report

Rank: 4

Post time 2012-5-18 14:40:44 |Display all floors
Them poor spain people face so much trouble maybe time to change another politic leader man, not that it can change anything. All them leader dance to the same tune and democracy just a face for puppet politic men to rob a country then retire. Only chance now is for PIGS empire with a good dictator.   

Use magic tools Report

Rank: 8Rank: 8

Post time 2012-5-26 04:02:09 |Display all floors
S&P downgrades five more Spanish Banks

Fri May 25, 2012

Standard and Poor’s rating agency has downgraded five more Spanish banks amid widespread financial recession in the crisis-hit European country.


Diane Abbot (British MP): Anglos love playing divide and rule
David Cameron (British PM): Anglos caused most of the world's problems!

Use magic tools Report

Rank: 8Rank: 8

Post time 2012-5-26 04:03:52 |Display all floors
Spain suspends trading in Bankia shares ahead of $19bn bailout

Fri May 25, 2012

Spain’s stock market has suspended trading in the country’s fourth largest bank’s shares amid reports of a possible USD 19-billion state bailout request.


Bankia, Spain’s fourth largest bank, is reportedly set to ask the government for a bailout of more than USD 19 billion which can help the troubled lender to stay afloat.

Bankia's shares plummeted more than 7 percent on Thursday, taking total losses to more than 58 percent since July 2011.

The bank’s new management team is, therefore, planning a board meeting on Friday to decide on a possible refunding plan.

Meanwhile, Spain’s Economy Minister Luis De Guindos announced on Wednesday that the country will inject an amount of USD 11.33 billion to recapitalize the nationalized lender.

Bankia has so far received 4.5 billion euros in state loans from the government during its nationalization process.

The bank was formed in a merger of seven saving banks in 2011 and was partly nationalized roughly two weeks ago, as a result of its bad property debt problems.

The recent developments have also affected its parent company, Banco Financiero y de Ahorros, causing its shares to be suspended as well.


Diane Abbot (British MP): Anglos love playing divide and rule
David Cameron (British PM): Anglos caused most of the world's problems!

Use magic tools Report

Rank: 6Rank: 6

Post time 2012-5-26 05:12:54 |Display all floors
firstcause Post time: 2012-5-26 04:03
Spain suspends trading in Bankia shares ahead of $19bn bailout

Fri May 25, 2012

Kut & Paste King.... Lost Cause.

Try to be original.... or at least give the credit to the respective author & published of the piece you are copying.

Use magic tools Report

Rank: 8Rank: 8

Post time 2012-5-26 09:11:43 |Display all floors
RealMadrid1 Post time: 2012-5-26 05:12
Kut & Paste King.... Lost Cause.

Try to be original.... or at least give the credit to the respec ...

Hey thicko,

How about addressing the theme for a change instead of following me around like a dog.
Diane Abbot (British MP): Anglos love playing divide and rule
David Cameron (British PM): Anglos caused most of the world's problems!

Use magic tools Report

You can't reply post until you log in Log in | register

BACK TO THE TOP
Contact us:Tel: (86)010-84883548, Email: blog@chinadaily.com.cn
Blog announcement:| We reserve the right, and you authorize us, to use content, including words, photos and videos, which you provide to our blog
platform, for non-profit purposes on China Daily media, comprising newspaper, website, iPad and other social media accounts.