Moody’s is set to ‘significantly’ downgrade 21 Spanish banks within a week, following a cut of credit ratings on Italian banks, the Spanish economic daily Expansion said on Wednesday.
“Sources in the Spanish financial sector are convinced that the agency will lower in a significant manner the ratings of numerous institutions,” said the daily.
“The announcement can come within a week according to market sources,” it said, adding that 21 banks would be affected.
The downgrade would deal a further blow to battered Spanish banks, which find it hard to borrow money from other banks because many in Spain are heavily exposed to a real-estate sector that has been in a slump since 2008.
In April, Spanish banks borrowed a record 263.5 billion euros ($339 billion) from the European Central Bank, the lender of last resort to eurozone commercial banks.
On Monday, Moody’s slashed its credit ratings by up to four notches for 26 Italian banks, citing their vulnerability to Italy’s recession and further trouble in the 17-nation eurozone.
Fox News host’s insane anti-LGBT screed: Activists are trying to make kids transgender by ‘eliminating gays’
Fox News host Greg Gutfeld went on a lengthy deep-dive into what he claims are the motivations of LGBT activists, falsely accusing them of trying to increase the number of transgender children by "eliminating gays."
There is exactly zero truth to Gutfeld's claims, which he made on Fox News' "The Five" on Monday, as Media Maters reports.
Hope Hicks denied under oath knowing about Trump’s hush-money payments to Stormy Daniels
Former White House communications director Hope Hicks on Wednesday denied under oath knowing anything about the hush-money scheme set up by former Trump "fixer" Michael Cohen to pay off President Donald Trump's former mistresses.
"Hicks told lawmakers today that she did not have knowledge during 2016 campaign of hush-money payments made in run-up to election," reports CNN's Manu Raju. "Also she wouldn’t discuss what she learned about those payments during her time at White House because of immunity claims."
Hicks told lawmakers today that she did not have knowledge during 2016 campaign of hush-money payments made in run-up to election, per sources. Also she wouldn’t discuss what she learned about those payments during her time at WH bc of immunity claims https://t.co/GZWqzCzpGX
Federal Reserve chair defiant in face of Trump threats: ‘The law is clear — I have a four-year term’
Federal Reserve Chairman Jerome Powell sounded a defiant note on Wednesday as he announced that there would be no further cuts to interest rates for the time being.
Even though President Donald Trump has been publicly calling for a rate cut to spur additional economic growth ahead of his reelection campaign, Powell kept interest rates at their current level and signaled that he did not foresee any interest rate cuts for the rest of the year.
Powell was asked by a reporter if he was concerned about being "demoted" by Trump in the wake of this announcement, the Federal Reserve Chairman said he wasn't worried.