Spanish Banks Downgraded

May 18, 2012  •  From

Stock markets around the world fell on Friday after Spanish banks were slapped with credit downgrades. Moody’s downgraded its credit score for 16 Spanish banks, causing investors to question the stability of the euro currency.

With Greece’s banks already melting down, investor attention has shifted to Spain and its government’s ability to bail out its beleaguered banking sector. Spanish banks are overexposed to a real-estate bubble that has imploded, and the country is suffering from a recession and a 25 percent unemployment rate.

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