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Panic Withdrawals At Santander Bank After Credit Downgrade

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UK Daily Mail
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.

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This article was posted: Friday, May 18, 2012 at 3:24 am

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