Spain

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Moody&#39;s Will Downgrade Spain&#39;s Banks
 Moody's Will 
 Downgrade 
 Spain's Banks 
SOURCES SAY
Jun 25, 2012 8:24 AM CDT

Moody's Will Downgrade Spain's Banks

Across-the-board move coming within a few hours

(Newser) - Moody's intends to cut the credit rating on every single bank in Spain today, sources tell Reuters . The cuts, which could come in a matter of hours, follow on the heels of Moody's slashing Spain's sovereign rank by a whopping three grades on June 13. The banks...

Europe Stocks Slump Ahead of EU Summit

Plenty of gloom and doom continuing for euro and eurozone

(Newser) - European stocks and the euro all fell this morning, as investors remain skeptical that this week's EU summit is going to accomplish much of anything, reports the Wall Street Journal . The euro fell to $1.2490 from $1.2574 last Friday, while indexes were down across the continent, with...

Merkel Softens Her Opposition to Stimulus

Germany, France, others agree to push for $163B growth package

(Newser) - The leaders of France, Germany, Italy, and Spain agreed to push for a growth package worth up to $163 billion at a European Union summit next week aimed at kickstarting the economy and safeguarding the currency bloc. French President Francois Hollande, German Chancellor Angela Merkel, Spanish Prime Minister Mariano Rajoy,...

Spain's Bonds Shoot to Scary Heights

But markets overall calmer amidst hopes of further rescue

(Newser) - The Spanish Treasury sold $3 billion in 12-month bonds today, but the price was, in the words of one economist, "brutal." The government was forced to pay a whopping 5.074% yield, up from 2.985% just last month, the New York Times reports. "The market is...

Markets Rise, Euro Up After Greek Elections

But investors still fretting about eurozone

(Newser) - Financial markets around Asia seem to be breathing easier after Greece's pro-bailout coalition narrowly won yesterday's election , reports the Wall Street Journal . The euro was up to $1.2714 from its $1.2640 close on Friday, with Tokyo's Nikkei up 1.8%, Hong Kong's Hang Seng...

Moody Cut Sends Spanish Bonds to Dangerous High

Italy's borrowing costs jump as well

(Newser) - Spanish bond yields hit a whopping 7% today, after Moody's cut the country's credit rating to just one level above "junk" yesterday. The New York Times ominously notes that the 7% mark is the level that "triggered" full-blown bailouts of other eurozone countries. Moody's said...

What Bailout? Spain's Debt Costs Skyrocket

Investors not reassured

(Newser) - Spain's bank bailout hasn't exactly put the markets at ease—indeed, it may have done the opposite. Spain's 10-year borrowing costs closed at a euro-era high of 6.72% yesterday, the Wall Street Journal reports. Indeed, bond yields rose across Europe, with Italy's hitting 6.26%,...

Spanish Protesters Hit Streets Over Bailout

A handout for rich, nothing for poor, they say

(Newser) - Banks and euro backers are relieved about the up-to-$125 billion Spanish bailout , but not everyone is so thrilled. A throng of protesters hit the streets in Madrid yesterday to protest billions going to prop up Spanish banks instead of helping people suffering because of the mad risks taken by financial...

Spain: Yep, We Need a Bailout

Eurozone minsters offer up to $125B for 'bailout lite'

(Newser) - Spain made it official today: The nation's beleaguered banking system needs a cash infusion from the European Union, the Wall Street Journal reports. Finance Minister Luis de Guindos named no price, saying two independent firms will dig through the country's banks and formulate a number. But in a...

Spain Wants a &#39;Bailout Lite&#39;
 Spain Wants a 'Bailout Lite' 
Jun 8, 2012 7:01 AM CDT

Spain Wants a 'Bailout Lite'

It would only request rescue funds for its banks, not the government

(Newser) - Spain is about to become the latest European nation to ask for a bailout, but only for its struggling banks, not for the government itself, sources tell Reuters . Reuters is calling the approach a "bailout lite," one would put less strain on European rescue funds that may still...

Bailout Fears Grow as Fitch Downgrades Spain

Credit rating is now just two notches above junk status

(Newser) - More bad news for Spain in particular and Europe in general: Fitch downgraded Spain's credit rating from A to BBB today, two notches above junk, and said the nation may need as much as $126 billion to bolster its banking system. That's way up from a previous estimate...

Plane Makes 1st Solar-Powered Intercontinental Flight

Solar Impulse travels from Spain to Morocco

(Newser) - A plane powered entirely by the sun is nearing the end of the world's first solar-powered intercontinental flight. The Solar Impulse left Madrid early this morning, crossed the Strait of Gibraltar, and entered Moroccan airspace, AFP reports. The carbon-fiber plane, which is the size of a jumbo jet but...

Germany at Center of G7 Crisis Huddle

Debt may be pooled in exchange for more central controls

(Newser) - G7 members are holding a conference call today to discuss solutions for the mounting economic crisis in Europe, with German the likely key. The emergency huddle of the finance chiefs of the US, UK, German, Italy, France, Japan, and Canada underscores a mounting panic about the crushing debt of the...

Spanish Bank on the Brink as Run Fears Grow

Government will pour in billions more to prevent collapse

(Newser) - Spain's banking crisis grew sharply worse yesterday, as officials at Bankia, the country's leading mortgage lender, said it would need an additional $24 billion, reports the New York Times . The move effectively nationalizes the troubled bank, just two weeks after the government took over 45% of Bankia , and...

Christopher Columbus: Secretly Jewish?

Explorer was seeking homeland for his people: Spanish scholars

(Newser) - Christopher Columbus was an Italian explorer from Genoa, right? Not according to a recent round of scholarship, which portrays him as secretly Jewish and seeking a new land for his people during the Spanish Inquisition, CNN reports. Evidence suggests that Columbus was a "Marrano," meaning he secretly practiced...

Rumors of Spanish Bank Run Trigger Stock Plunge
Rumors of Bank Run in
Spain Trigger Stock Plunge
Moody's downgrades 16
May 18, 2012 3:09 AM CDT

Rumors of Bank Run in Spain Trigger Stock Plunge

More bad news today drives market down again

(Newser) - These are nervous times in Europe. Shares in Bankia, a Spanish bank partly nationalized by the government last week , plunged 30% at one point yesterday following reports that customers had withdrawn more than $1.3 billion over the last week, reports Reuters . Bankia shares recovered some ground after the government...

Spain's Queen Sofia Snubs Brit Jubilee Over Gibraltar

Nations in dispute now over fishing rights

(Newser) - Spain's Queen Sofia is dumping her planned trip to Britain to celebrate Queen Elizabeth's Diamond Jubilee in a long-simmering snit over Gibraltar. It's "hardly appropriate" for Sofia, 73, to attend lunch at Windsor Castle tomorrow in light of the two nations' tensions over the territory, noted...

As Thousands Protest, Spanish PM Backs Austerity

'This is about solving the situation once and for all,' says Mariano Rajoy

(Newser) - Prime Minister Mariano Rajoy today defended his government's harsh austerity measures aimed at correcting Spain's grim economic forecast, one day after tens of thousands of Spaniards took to the streets in protest of his handling of the country's worst crisis in decades. Rajoy said the measures were...

Spain Takes Over 'Poster Child' Bank

Part-nationalization to cause huge losses for Bankia investors

(Newser) - Merging seven struggling banks in Spain appears to have created a big, struggling bank instead of the healthy institution authorities were hoping for. The Spanish government is now grabbing a controlling 45% stake in Bankia, the nation's fourth-largest lender and the one with the most exposure to the country'...

Cops Track New Maddy Clue
 Cops Track New Maddy Clue 
May 8, 2012 6:29 AM CDT

Cops Track New Maddy Clue

Woman says she saw identical girl at Spanish campsite days after disappearance

(Newser) - On the heels of its announcement that Madeleine McCann could still be alive , Scotland Yard is following up on a report that a child matching her description was spotted by a tourist at a Spanish campsite a few days after her 2007 disappearance. Accompanied by a German couple and two...

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