Spain will ask for bailout this weekend suggests reports

Spain is poised to make a request over the weekend for a financial package to prop up its troubled banks, it was reported today. The request would follow a conference call of eurozone finance ministers tomorrow, Reuters reported, citing two senior EU officials and one German source. A Eurogroup statement would also be released. “The announcement is expected for Saturday afternoon,” one of the EU officials said. A Spanish government official said: “We are not Continue reading Spain will ask for bailout this weekend suggests reports

Spain credit downgraded again ahead of 100 billion bailout

Fitch has downgraded Spain’s credit rating again, ahead of a suggested 100 billion euro bailout by the EU of its banks. Fitch put Spain’s creditworthiness at BBB, two notches above junk in its ranking scheme. It also estimated the country’s banks would need at least 60bn euros (£49bn, $75bn), or as much as 100bn euros, a figure also mentioned by the head of Spain’s PP MEP group, who today said his figure was 100 billion Continue reading Spain credit downgraded again ahead of 100 billion bailout

Spain Caps Board-Member Pay at Banks Seized by State at $66,000

Spain’s government passed a decree to cap board members’ pay at banks seized by the state at 50,000 euros ($66,000) and said chief executives of lenders receiving any state aid can’t earn more than 600,000 euros. Board members at seized banks will also be barred from bonuses, and the chief executives of those lenders will have their pay capped at 300,000 euros, Economy Minister Luis de Guindos said today after the Cabinet meeting in Madrid. Continue reading Spain Caps Board-Member Pay at Banks Seized by State at $66,000