S&P Bank Move, Data Piles Pressure on Spain

Standard & Poor’s downgraded some of Spain’s biggest banks Monday, putting additional pressure on the government to deal with the country’s troubled financial sector as data showed the economy slipped into recession.

Following a double-notch downgrade of Spanish sovereign debt last week, Standard & Poor’s Ratings Services followed up with cuts for 11 banks, including its biggest–Banco Santander SA ……. Read More

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