Friday, May 18, 2012

Spain Crisis Rocks Europe, Bank Credit Ratings Downgraded


Ben Chu
The Independent 
May 18, 2012
The flames of the eurozone crisis leapt higher yesterday, as fears spread about the state of the Continent’s most vulnerable banks.
Shares in the Spanish lender, Bankia, plummeted 30 per cent at one stage in trading, following a report that customers had withdrawn €1bn in deposits since the Madrid government was forced to part-nationalise the bank last week.
Bankia released a statement in the afternoon saying that the deposit fall was simply a seasonal effect rather than a bank run. This served to stabilise the share price, but the lender still ended up losing 14 per cent of its value.

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