"Contre toute attente, les cadres de la vie économique du monde, politique, et les systèmes sociaux sont ébranlés et commencent à s'effriter. "

-Jim Bakker dans "la prospérité et l'Apocalypse Coming"

Markets across Europe were rocked this morning after more bad economic news for banks in Spain.

Late Thursday credit agency Moody’s cut the credit ratings of sixteen Spanish banks. Moody’s also cut the credit rating of Santander UK, the British subsidiary of Spanish banking giant Santander.

Moody’s stated reasons for the downgrade included Spain’s return to a recession, bad loans in the property industry and financial challenges for the government.

Le lundi, the Spanish Government is going to announce two accounting firms who will conduct separate audits of the country’s banks. The first test will be a stress test of the system and then a detailed examination of banking assets.

Spanish Treasury Minister Inigo Fernandez de Mesa told the BBC that Spanish banks have plenty of liquidity and there is no funding problem in Spain.

The situation has caused enough concern to be part of the G8 summit at Camp David this weekend.