Spain In Pain
The News Review:
- Spain In Pain
- Spain Portugal agree on joint World Cup bid
- Some European bank aid unfair -Spain’s Solbes
- Spain Downgraded by S&P as Slump Swells Budget Gap
Spain In Pain
Forbes NY
09 12:30 PM ESTS&P downgrades Spanish debt fueling the country’s fall from grace. You could say that Spain had it coming. The European economy that grew at a scorching pace over the last few years lost its triple-A rating from Standard & Poor’s on Monday a move that the ratings agency had warned of last week as a result of the country’s property bubble and overleveraged economy.
Spain Portugal agree on joint World Cup bid
The Associated Press
The Iberian countries are forming a committee to register their interest with FIFA before the Feb. Spain hosted the World Cup in 1982 and the European Championship in 1964. Portugal hosted the 2004 European Championship beating a rival bid from Spain. ther countries which have said they will bid to host the 2018 tournament are Australia England Qatar the United States and Russia plus a joint bid from Belgium and the Netherlands.
Related from Liquidityx: FREX-Euro falls on S&P Spain downgrade econ forecast
Some European bank aid unfair -Spain’s Solbes
Reuters
British Prime Minister Gordon Brown warned on Saturday thatthe global recession could deepen unless banks resist the lureof “financial isolationism”. He told the Financial Times a jointinternational effort would provide the key to unlocking thecredit markets and kick starting the recovery. Spain’s banks have so far escaped the fears that havegripped financial systems elsewhere in Europe but both of thecountry’s biggest banks Santander (. MC)have raised money to reinforce their capital bases.
Spain Downgraded by S&P as Slump Swells Budget Gap
Bloomberg
19 (Bloomberg) — Spain had its AAA sovereign creditrating removed by Standard & Poor?s in the second downgrade of aeuro-region government in five days as the country?s firstrecession in 15 years swelled the budget deficit. The risk of losses on Spanish government debt rose to arecord today credit-default swaps showed after S&P lowered therating one step to AA+ and assigned it a ?stable? outlook. Itwas S&P?s first reduction in Spain?s rating and puts it on thesame level as Belgium and Hong Kong. The cost of economic stimulus packages and bank bailouts isboosting budget deficits around the euro-region fueling concerngovernments will have difficulty paying their debt. S&P cutGreece?s rating one step to A- on Jan.
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