Spain Formally Requests Aid - Shares of Banco Santander and Banco Bilbao Vizcaya Argentaria Drop
Five Star Equities Provides Stock Research on Banco Santander and Banco Bilbao Vizcaya Argentaria
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 06/28/12 -- Earlier this week Spain formally requested a bank rescue from the euro zone. Spanish Economy Minister Luis de Guindos in a letter stated that he would take up the European Union's offer for aid of up to 100 billion euros ($125 billion). The Minister did not disclose how much money would be requested as the conditions are still under discussion. Five Star Equities examines the outlook for companies in the Foreign Banking Industry and provides equity research on Banco Santander, SA (NYSE: SAN) and Banco Bilbao Vizcaya Argentaria SA (NYSE: BBVA).
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Moody's Investors Services recently downgraded ratings for 28 Spanish banks, including Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA. "The reduced creditworthiness of the Spanish sovereign... affects the government's ability to support the banks," Moody's said in a statement. "The banks' exposures to commercial real estate will likely cause higher losses, which might increase the likelihood that these banks will require external support."
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Spain's banking system has been hit hard from the real estate crash four years ago. Until the banking problems are resolved analyst say Spain will have a tough time escaping a recession. According to results of stress tests published on June 21, Spanish banks will need up to 62 billion euros to withstand an economic downturn.
Following Greece, Ireland, Portugal, and Spain, Cyprus has become the fifth country to request aid from the euro-zone. "The purpose of the required assistance is to contain the risks to the Cypriot economy, notably those arising from the negative spillover effects through its financial sector, due to its large exposure to the Greek economy," said in a statement from the Cypriot government.
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Datum: 28.06.2012 - 06:20 Uhr
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