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- USD weekly currency update- 26 August 2016
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Spain Bailout Short Lived Relief
After the news of Spain's €100m bailout from Europe over the weekend, Monday's markets across the world rose as some confidence began to return to the striken peninsula.
However, the vicious circle of sovereign and bank debt problems is unlikely to be broken as fears that further downgrades of Spain's credit rating will be inevitable pushing up borrowng costs even further and forcing financial institutions to heavily discount assets in return for loans from the ECB.
Spain currently only has one A credit rating left (A3) with Moody's Inverstor Service. If it should be downgraded the effects could be devastating and push Spain into much deeper problems.
Currently Spanish bonds are already hard to sell even after being heavily discounted. The problem is that Spanish banks have always bought Spanish bonds from the government, but most banks are now offloading them to raise capital and ultimately flooding the market.
Steadying the markets won't be easy as more and more investors are shifting away from Spain into safer havens such as the UK.
Economies around the world have their eyes firmly fixed on Europe as it appears the bloc is at the centre of the worldwide economic downturn of 2012 and any reversal back to growth will need to begin in Europe.
- Insurance - Ibex Insurance
- Currency - MoneyCorp
- QROPS and Pensions - Premier Pension Solutions SL
- Investments - Premier Pension Solutions SL
- Tax - Wincham Consultants Limited
Latest News & Stories
- 1,785 Spanish Drivers apprehended for Drink and Drugs in 3 days
- Spanish retail sales rise 4.9% on year in July
- Vodafone Spain to offer fibre in 750,000 more homes by Dec
- Spanish economy powers ahead as politicians dither
- Socialists to propose law change in bid to avoid Christmas Day elections
- Vodafone Spain expands 4G roaming to 100 countries
- Public works contracts fall by 20% due to political impasse and deficit reduction
- 24 arrested in Spain in joint EU operation against child pornography
- PP accepts Ciudadanos’ demand for further-reaching corruption measures
- Gibraltar signs LNG deal with Shell to combat electricity shortages