Spanish Banks In Free-Fall As Bankia Could Be Nationalized
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ABC news is now reporting Spain is preparing the nationalization of beleaguered bank Bankia Group today. At the close of the market, the state will inject 4.465 million EUR into Bankia Group.
Other banking stocks in Spain are also getting crushed with Banco Santander, S.A. (NYSE: STD) down 6% and Banco Bilbao Vizcaya Argentaria, S.A. (Nasdaq: BBVA) down 6.4%.
The iShares MSCI Spain Index (NYSE: EWP), an ETF which tracks Spanish stocks, is down 4.5 percent.
US financial stock are also taking a hit on the news, with the Financial Select Sector SPDR (NYSE: XLF) down over 1 percent in early trading, as contagion fears ripple through the market.
Other banking stocks in Spain are also getting crushed with Banco Santander, S.A. (NYSE: STD) down 6% and Banco Bilbao Vizcaya Argentaria, S.A. (Nasdaq: BBVA) down 6.4%.
The iShares MSCI Spain Index (NYSE: EWP), an ETF which tracks Spanish stocks, is down 4.5 percent.
US financial stock are also taking a hit on the news, with the Financial Select Sector SPDR (NYSE: XLF) down over 1 percent in early trading, as contagion fears ripple through the market.
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