Here's Everyone Who Will Get Slammed In A Spanish Collapse

The Business Insider ^ | 5-28-2010 | Gregory White

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Here's Everyone Who Will Get Slammed In A Spanish Collapse

Gregory White
May 28, 2010, 1:19 PM

Spain was just downgraded to AA+ by Fitch and while that's a long way from default, it is already putting banks and countries with significant exposure to Spain in the firing line.

We've got the details on the countries and banks most exposed to Spain's sovereign debt, and its banking system. This downgrade may have a significant impact on European banks.

(Click to see who is on the Spain debt hit list >)

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Here's Everyone Who Will Get Slammed In A Spanish Collapse

[MeneMeneTekelUpharsin]

Bump for “It’s going to happen here.” reference.

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European Financials Getting Rocked By Spain Downgrade News

Gregory White
May 28, 2010, 1:08 PM

Spain's debt has just been downgraded by Fitch and it is having an immediate impact on markets. European financials that trade on U.S. indices are already feeling the pressure of renewed doubts over Spanish sovereign debt.

Barclays down 3%

Deutsche Bank down 2.4%

BNP Paribas SNP down 3.32%

Societe Generale SA down 2.71%

Credit Suisse down 2.08%

Banco Santander (Brasil) down 3.21%

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[Frantzie]

AA+? These ratings agencies are a JOKE. Try BBB or BB- if Spain is lucky.

[2banana]

wow - some takeaways:

The UK is fooked. German banks are fooked.

Spain may actual get to some kind of financial sound footing:

Spain has been on a slash and burn assault of entitlement programs since the severity of its recession became obvious.

Most obvious of these cuts is the raising of the retirement age to 67 from 65. This, coupled with cuts in the civil service, could make a strong impact on the country's deficit.

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Fitch: Here’s Why We Stripped Spain of AAA Rating

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Germans Are Ditching Their Eurozone Commitments And Buying Gold

[Riodacat]

Spain finally gets even for the defeat of its Armada by the Brits in 1588.

[djf]

What good does it do to raise the retirement age? What good does it do to get the country back on a "sound financial footing"?

As soon as that happens, if it happens, then the government will just RESUME BORROWING!

ALL governments do it!! It's the way it works! Then, in a few more years when the government can't keep up, they'll come up with something else!

Government and banks are turning out to be just about the biggest con job in history.

[spokeshave]

...yeah...and reported gold selling next door to the Athens stock echange for $1700 an ounce....(street vendors and no VAT)

[Jack of all Trades]

NOBODY expects the Spanish inquisition!

[spokeshave]

....yeah...and the battle of Trafalger in 1805....Nelson rules....(one eye and all)

[wolfcreek]

What about BBVA? They’re UP 1.59%