Fritch cut Cyprus to BB+ as banks may need 5.8 million Euros

Source: Marketwatch
Fitch Ratings downgraded Cyprus from BBB- to BB+ and maintained negative outlook. The agency attributed its decision to high probability that banks will need essential fund injections as many financial institutions are exposed to Greek debts. Fitch expects that about 4 million euros will be necessary for the country's banks in addition to 1.8 million Euros needed to recapitalize Cyprus Popular Bank.

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Mon, 25 Jun 2012 13:06:35 GMT

Spain formally asked for a bailout

Spain formally applied for a bailout package from the Eurozone members to stabilize its banking system. The Eurozone agreed to lend about 100 billion Euros to Spain; however, no specific data were provided. Independent audits showed that banks need 62 billion Euros for recapitalization. Spain announced that the results of audit should be only a starting point and 100 billion

Mon, 25 Jun 2012 09:52:14 GMT

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