Fitch downgrades Spain’s credit rating as bailout estimates mount up June 8, 2012 - 14:26 AMT PanARMENIAN.Net - Spain's credit rating has been downgraded as estimates on the size of the bailout it needs begin to mount up, BBC News reported. Fitch put Spain's creditworthiness at BBB, two notches above junk in its ranking scheme.It also estimated the country's banks would need at least 60bn euros (£49bn, $75bn), or as much as 100bn euros. An International Monetary Fund (IMF) report due out on Monday is expected to show Spanish banks need at least 40bn euros. It is the first of a number of reports for which the Spanish government is waiting before it decides how to recapitalise its banks. Ratings agency Standard and Poor's earlier said Spain's financial system could absorb up to 60bn euros of losses on bad loans.But if it needs to find 80-112bn euros, then the banks would need government or EU aid, it said.   Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion.   Partner news |  Latest news Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals  Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation.Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan.Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush.Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |
