Eurozone RUPTURE: Now SPAIN threatens to tear EU apart as banks LOSE €1.4B in a day
Banco Popular, one of the Spain's leading financial firms, caused mayhem after admitting that it needed billions to bolster its balance sheet.
Shocked investors dumped shares in the firm, with the bank stock's value plunging by 24 per cent this morning, after the cash call and plans to issue another 2 billion shares.
It resulted in €1.4billion being wiped off the value of the bank's share price.
And the worry spread to other Spanish banks with shares in Caixabank and Banco de Sabadell diving by 3.4 per cent and 4.5 per cent respectively.
It comes after the country announced record debt levels, owing its creditors €1.095 trillion.
Spain now owes more money than its entire economy generates in a year.
Read More:
http://www.express.co.uk/finance/city/674092/Eurozone-Spain-meltdown-shares-plummet-EU-Spanish-banks
Shocked investors dumped shares in the firm, with the bank stock's value plunging by 24 per cent this morning, after the cash call and plans to issue another 2 billion shares.
It resulted in €1.4billion being wiped off the value of the bank's share price.
And the worry spread to other Spanish banks with shares in Caixabank and Banco de Sabadell diving by 3.4 per cent and 4.5 per cent respectively.
It comes after the country announced record debt levels, owing its creditors €1.095 trillion.
Spain now owes more money than its entire economy generates in a year.
Read More:
http://www.express.co.uk/finance/city/674092/Eurozone-Spain-meltdown-shares-plummet-EU-Spanish-banks
Original post by Maker
Spainish banks in trouble is old news, they got into trouble with bad lending to property that collapsed in price during the 2008 credit crisis and tried to hide their looses.
I don't think the EU is in any trouble because of this. Its Leavers trying to spin an old story.
I don't think the EU is in any trouble because of this. Its Leavers trying to spin an old story.
The EU's useless, unelected bureaucrats have never solved the Eurozone crisis. They have just repeatedly kicked the can down the road.
They aren't fit to rule over any of us.
In the Eurozone, Spain is underperforming economically, its banks are barely solvent as this piece shows, and it has appallingly high levels of unemployment.
If it left the Euro it would start to get back on the road to economic recovery.
Same with Greece, although they need to default on their debt first.
The Europhiles' denial about the EU's appalling failure (affecting millions of Europeans) is laughable. Same with the migrant crisis.
Original post by JezWeCan!
The EU's useless, unelected bureaucrats have never solved the Eurozone crisis. They have just repeatedly kicked the can down the road.
They aren't fit to rule over any of us.
In the Eurozone, Spain is underperforming economically, its banks are barely solvent as this piece shows, and it has appallingly high levels of unemployment.
If it left the Euro it would start to get back on the road to economic recovery.
Same with Greece, although they need to default on their debt first.
The Europhiles' denial about the EU's appalling failure (affecting millions of Europeans) is laughable. Same with the migrant crisis.
They aren't fit to rule over any of us.
In the Eurozone, Spain is underperforming economically, its banks are barely solvent as this piece shows, and it has appallingly high levels of unemployment.
If it left the Euro it would start to get back on the road to economic recovery.
Same with Greece, although they need to default on their debt first.
The Europhiles' denial about the EU's appalling failure (affecting millions of Europeans) is laughable. Same with the migrant crisis.
Ranty McRantface.
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