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Panic Withdrawals At Santander Bank After Credit Downgrade

Posted By admin On May 18, 2012 @ 3:24 am In Money Watch | Comments Disabled

UK Daily Mail [1]
May 18, 2012

Millions of British bank customers felt the effects of the eurozone turmoil today as Santander became the latest giant to be hit by the debt crisis.

The High Street chain saw its credit rating was slashed as anxious consumers in Spain withdrew £1bn -  sparking fears of a run on the country’s banks.

The move sparked fears of a knock-on effect on credit which could see borrowing costs rise in the future.

The shock downgrade compounds fears of contagion spreading from Greece and is the first time that the crisis now engulfing the ailing eurozone has been felt directly on British shores.

Furthermore, hundreds of UK institutions that have lent on the interbank market to Santander could be rocked if the Spanish lender becomes a victim of the worsening single currency disaster.

Full article here [1]

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URLs in this post:

[1] UK Daily Mail: http://www.dailymail.co.uk/news/article-2146112/Spains-banking-crisis-rocks-Santander-UK-new-worries-British-customers-credit-rating-blow.html

[2] Democrats seek to pin credit downgrade on tea party: http://www.prisonplanet.com/democrats-seek-to-pin-credit-downgrade-on-tea-party.html

[3] There’s Only One Way to Avoid a Downgrade to U.S. Credit: http://www.prisonplanet.com/theres-only-one-way-to-avoid-a-downgrade-to-u-s-credit.html

[4] BANK DOWNGRADE RAMPAGE: Goldman, Bank Of America, Morgan Stanley, Wells Fargo, And Citigroup Just Got Cut By S&P: http://www.prisonplanet.com/bank-downgrade-rampage-goldman-bank-of-america-morgan-stanley-wells-fargo-and-citigroup-just-got-cut-by-sp.html

[5] Eurozone back on the brink as France has credit rating downgraded: http://www.prisonplanet.com/sp-downgrade-of-france-others-imminent-reports.html

[6] Supercommittee failure could trigger US credit downgrade, economists warn: http://www.prisonplanet.com/supercommittee-failure-could-trigger-us-credit-downgrade-economists-warn.html

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