Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
What do the clever people at Santander, and other large large large profitable businesses based in Spain think?

Are they betting against Spain or Portugal even? or are they sitting up all night with other smart people trying to figure out how to keep clean the good name of the country that they get legitimacy from?

In 2007, Santander held its 150th anniversary as the world's 12th largest bank by market cap, the 7th in terms of profit and the bank with the largest retail network in the western world, with 10,852 branches.

The Santander Group is the fourth largest bank in the world by profits and eighth by stock market capitalisation. In 2009, its net ordinary profits were over EUR 8.9 billion, 1% more than the previous year, and it distributed more than EUR 4.9 billion in dividends to shareholders. With these figures, the Group achieved the target set at the Annual General Meeting of Shareholders held on June 19th 2009 to maintain its profits and the dividend payout.

Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland

by siegestate (siegestate or beyondwarispeace.com) on Wed Apr 28th, 2010 at 01:16:23 PM EST
Krugman notes that the banking systems of Portugal and Spain appear to be under pressure:

Economics and Politics - Paul Krugman Blog - NYTimes.com

Portugal's budget woes aren't nearly as severe, on the surface, as Greece's. But it had a big real estate bubble, and now the market thinks the banks are in trouble. Via Business Insider, the CDS spreads
on banks:

But if the banks have to be rescued, however, this would hit the budget hard.

Incidentally, looking at that picture I wonder if Sovereign should stop highlighting the fact that it's part of a Spanish bank?

by Metatone (metatone [a|t] gmail (dot) com) on Wed Apr 28th, 2010 at 02:08:30 PM EST
[ Parent ]
Well, as we know German banks already enjoyed a €480bn bailout...

The brainless should not be in banking -- Willem Buiter
by Migeru (migeru at eurotrib dot com) on Wed Apr 28th, 2010 at 02:36:10 PM EST
[ Parent ]