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May 19th, 2012 
FAKE NEWS for the Zionist agenda The Bank of Spain reported on Friday that lenders’ and savings banks’ bad loan ratio had increased in March to a new high of 8.36 percent from 8.15 percent in February.
Later on Friday, the Finance Minister Luis de Guindos said in a statement that the country’s 2011 budget deficit could reach 8.9 percent of gross domestic product, which is over the 8.5 percent initially announced, after four of the country’s regions modified their budgets.
The news came a day after the ratings agency, Moody’s Investors Service, downgraded the credit ratings of 16 Spanish banks, following Spain’s ongoing recession and the reduced creditworthiness of the Spanish government.
Moody’s downgrading of the banks along with the economic worries in Spain led scores of people and business owners to withdraw their savings from the banks across the country. The rush then urged the Spanish government to call for calm.
“On behalf of the government, I want to first send a message of calm to the investors and depositors as the government tries to guarantee the solvency and capacity of all the institutions to carry out their obligations,” Deputy Prime Minister Soraya Saenz de Santamaria said.
Santamaria also said that the government will launch an audit of its banks to probe bad loans and property holdings in the financial sector to assess how much cash the banks need to reconstruct their balance sheet.
Recently released figures by the National Statistics Institute show that Spain’s economy has slipped 0.3 percent in the first quarter of 2012, indicating that the country has entered recession for a second time after the global economic downturn in 2008.
SAB/JR
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