Spanish Banks Downgraded as Cyprus Seeks Bailout
The troubled eurozone continued to experience turmoil as Moody’s downgraded 28 Spanish banks and Cyprus requested a bailout that could amount to more than half its economy.
Spain Accepts Bailout
Spain accepted a bailout Saturday for its financial sector, and Italy stepped up into the spotlight over concerns that it may be the next country to request aid.
Spanish Banks Downgraded
Moody’s cut the ratings of 16 Spanish banks, taking Banco Santander and Banco Bilbao Vizcaya Argentaria down three notches each. Fitch, meanwhile, dropped Greece into its lowest level in junk territory.
Spanish Slump Shallower Than Predicted
Although the numbers showed that Spain entered a recession in the first quarter, its economy shrank less than expected and that seemed to be enough cause for investors to celebrate.
IMF’s Lagarde: ‘There Are Clouds on the Horizon’
IMF managing director said that she expects more contributions on top of the $320 billion raised
Euro Falls on Spanish Debt Worries
The euro fell against its peers for the second day in a row on Monday in advance of planned Spanish debt sales, and fell below $1.30 for the first time in two months in morning trading.
Pain in Spain May Bring No Economic Gain: News Analysis
Bill Gross put Spain's failed bond auction in perspective: “Greece was a zit, Portugal is a boil, Spain is a tumor. You can’t fix a debt crisis with austerity and more debt.”
Spain Beset by Strikes as Unions Protest Labor Laws
Spain was disrupted by labor union strikes on Thursday in protest against labor law changes pushed through by Prime Minister Mariano Rajoy. The changes dismantle the nationwide collective bargaining system and make it easier to fire workers.
LPL’s Kleintop Sees Eurozone Surviving Without Greece: Weekend Interview
Jeffrey Kleintop, chief market strategist for LPL financial, says he believes that a Greek default and departure from the eurozone will not take a terrible toll on markets, because many institutions have had ample time to divest themselves of some of their Greek debt.
Spain in EU Crosshairs Over Austerity Delay
Even as it has lost patience with Greece over what it sees as inadequate and halfhearted attempts to implement austerity, the EC has a bone to pick with the new Spanish government, which it will likely sanction over a number of issues.