European Salon de News, Discussion et Klatsch - 15 June | 104 comments (104 topical, editorial, 0 hidden)

A run on the Spanish banking system? (4.00 / 2)

La banca española pide fondos récord al BCE ante el cierre de los mercados · ELPAÍS.com 15/06/2010		The Spanish banking sector borrows record amounts from the BCE because of the market shutout - ElPais.com 15/06/2010
Francisco González subraya que el capital internacional está cortado para la mayoría de empresas y bancos		BBVA Chairman Francisco González underlines that [access to] international capital is cut for most [Spanish] firms and banks
Los bancos y cajas de ahorros españoles tienen que devolver los préstamos al llegar su vencimiento -o refinanciarlos- y, con el mercado interbancario cerrado, solo les queda el Banco Central Europeo (BCE) como último recurso. Ayer se conoció un dato que refleja esta angustiosa situación: la deuda contraída por los bancos que operan en España con el BCE mediante las subastas semanales de crédito superó en mayo por primera vez los 85.000 millones, con lo que acapara ya el 16,5% del dinero prestado al conjunto de la zona del euro.		Spanish banks and cajas have to repay their loans as they mature - or refinance them - and, with the interbank market closed, they have but the ECB as a last resort. Yesterday a datum was known reflecting this worrisome situation: in May, debt with the ECB taken on by banks operating in Spain through the weekly credit auctions exceeded for the first time €85bn, already 1/6 of the money lent to the whole Euro area.

Francisco González actually said that the Spanish private sector has greater difficulties funding itself than the government.

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan

by Carrie (migeru at eurotrib dot com) on Tue Jun 15th, 2010 at 04:12:08 AM EST
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