Spain Suffers as Corporations Save on Taxes
A combination of small-business failures and the move of large corporations toward countries considered tax havens has led to a drop of nearly two-thirds in the corporate taxes collected by Spain.
Moody's Downgrades British Banks
Moody's on Friday downgraded a dozen U.K. banks, including Lloyds TSB Bank, a unit of Lloyds Banking Group, and Royal Bank of Scotland, saying that there was increasing likelihood that smaller banks would be allowed to fail if troubles worsened.
U.S., Euro Stocks Crumble on Fears of New Crisis
Fears in Europe that contagion won't spare Italy and Spain were unassuaged by Europe's central bank on Thursday, sending stocks and bonds plunging. Meanwhile, investors' flight to safety had a perverse effect in the U.S., where the Bank of New York announced it would charge depositors to hold their money.