Spanish Bank Shares Plummet Amid Fears

Rev 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"

<blockquote>“Against all odds, the frameworks of the world’s economic, political, and social systems are being shaken and are beginning to crumble.”
<p style="text-align: right;"> -Jim Bakker in “Prosperity and the Coming Apocalypse”</p>

Shares in the Spanish bank, Bankia, were down 14% after reports about the struggling bank’s finances.

The bank denied reports that customers had withdrawn over 1 billion euros from various accounts. The bank is set to be part-nationalized.

A Royal Bank of Scotland spokesman said that the problem is that the Spanish government cannot bear all the weight of the banks in Spain should they all fail at the same time.

“[The Spanish government] needs to make a choice and just protect stronger banks,” Alberto Gallo of RBS told the BBC. “Otherwise Spain will go the way of Ireland…having to do a lot of austerity and potentially incurring losses for bank bondholders.”

Spain recently raised 2.5 billion euros through issuing bonds due in 2015. Strategists believe that should stabilize the markets for the moment but warned fears about the banks will increase with additional rumors of bank weakness.


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