Spain bailout

14 Stories

Mass Strikes Sweep Europe

700 flights grounded, minor scuffles break out in Spain

(Newser) - Anti-austerity protests in Europe have usually been relatively localized affairs, confined to one country or another—until now. Labor leaders in Spain, Portugal, Italy, and Greece all called for strikes and demonstrations today, the New York Times reports, and people in France, Belgium, and elsewhere took to the streets as... More »

Dow Plunges 200 on Bad Earnings

Stocks suffer biggest drop since June

(Newser) - Stocks plunged at the open today, with the Dow falling more than 200 points, sending it to its lowest level in seven weeks. As of 10:22am the Dow was down 206, while the Nasdaq and S&P were down 30 and 20 points respectively. The major cause for the... More »

S&P Downgrades Spanish Debt

Nears junk status amid bailout debate

(Newser) - The Spanish government's dilemma over whether to request a European bailout has become more acute following a downgrade of the cash-strapped country's credit rating. Standard & Poor's late yesterday cut its rating on Spain's debt by two notches to BBB-, just a step above junk status,... More »

Euro Zone Launches Bailout Fund ... Just in Case

Spain says it doesn't need it yet

(Newser) - The Euro zone officially launched its 500 billion euro bailout fund today, but finance ministers said that its first intended beneficiary, Spain, didn't need help just now after all. "Spain needs no aid program," German Finance Minister Wolfgang Schaeuble told reporters. "Spain is doing everything necessary,... More »

German Credit Rating Downgraded to Negative

Move may indicate threat to Germany's AAA rating

(Newser) - Germany, the Netherlands, and Luxembourg may have strong credit ratings, but that didn't stop Moody's from downgrading all three to "negative" yesterday, as the never-ending euro crisis continues to deepen, reports Reuters . The rating agency specifically warned about yesterday's threat by Germany to kick Greece out... More »

Report: IMF, Germany Ready to Pull Plug on Greece

Rising bond rates show Spain also heading deeper into crisis

(Newser) - The International Monetary Fund could be ready to cut off fresh funds to Greece, a step that would likely lead to default and getting bounced from the eurozone, reports der Spiegel . The big problem is that Greece has fallen so far behind in its austerity promises—made to secure $158.... More »

Spain Panic Sends Dow Down 200+

Spanish bonds hit dizzying high

(Newser) - The Dow took a nosedive this morning, as did markets the world over, after Spanish media reported that up to six regions may need assistance from the federal government, sending the yields on Spanish 10-year bonds to a new high of more than 7.5%. The Dow plunged 237 points... More »

Eurozone OKs Terms of Spanish Bank Bailout

Loan will be up to $122.9B

(Newser) - Finance ministers from the 17 countries that use the euro unanimously approved today the terms for a bailout loan for Spanish banks of up to $122.9 billion. The document, signed off by the "eurogroup" of finance ministers following a teleconference today, calls for strict monitoring of the banks... More »

Spain Royals Take Pay Cut

Dip matches public sector cut, but on much larger salaries

(Newser) - Things are tough all over in Spain, and now even the royals are taking a hit. King Juan Carlos' salary is being shaved 7.1%, down to $332,000. His son, Prince Felipe, also faces a 7% cut, to $161,000. In addition, the $10 million royal budget will be... More »

EU Speeds Up Spanish Bank Bailout

$100B rescue deal will be tied to 'ruthless' pace of reforms

(Newser) - With yet another euro bailout agreement failing to calm markets, causing Spain's borrowing costs to soar back into the danger zone, European Union nations have accelerated their latest rescue plan for Spain's shaky banks, reports the New York Times . Finance ministers from 17 eurozone nations agreed late last... More »

Spain's Bonds Shoot to Scary Heights

But markets overall calmer amidst hopes of further rescue

(Newser) - The Spanish Treasury sold $3 billion in 12-month bonds today, but the price was, in the words of one economist, "brutal." The government was forced to pay a whopping 5.074% yield, up from 2.985% just last month, the New York Times reports. "The market is... More »

What Bailout? Spain's Debt Costs Skyrocket

Investors not reassured

(Newser) - Spain's bank bailout hasn't exactly put the markets at ease—indeed, it may have done the opposite. Spain's 10-year borrowing costs closed at a euro-era high of 6.72% yesterday, the Wall Street Journal reports. Indeed, bond yields rose across Europe, with Italy's hitting 6.26%,... More »

Spain Wants a 'Bailout Lite'

It would only request rescue funds for its banks, not the government

(Newser) - Spain is about to become the latest European nation to ask for a bailout, but only for its struggling banks, not for the government itself, sources tell Reuters . Reuters is calling the approach a "bailout lite," one would put less strain on European rescue funds that may still... More »

Spanish Bank on the Brink as Run Fears Grow

Government will pour in billions more to prevent collapse

(Newser) - Spain's banking crisis grew sharply worse yesterday, as officials at Bankia, the country's leading mortgage lender, said it would need an additional $24 billion, reports the New York Times . The move effectively nationalizes the troubled bank, just two weeks after the government took over 45% of Bankia , and... More »

14 Stories