| Spanish banks' debt to ECB falls for the first time in 11 months |
| Last Updated(Beijing Time):2012-10-12 07:18 |
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The debts of Spanish banks to the European Central Bank (ECB) decreased by 2.7 percent in September for the first time in eleven months, the Bank of Spain reported on Thursday.
The debt of Spanish banks has been rising since September 2011, peaking at 388.7 billion euros (505.4 billion U.S. dollars) in August.
Despite the fall of 378.2 billion euros in September, the Spanish banking system, which represents 43.1 percent of the total eurozone's debt, remained weak.
The release of the data came following the cut of Standard & Poor's Ratings Services of Spain's long-term sovereign credit rating by two notches to BBB-, one level above junk on Wednesday.
The downgrade cited the deepening economic recession as limiting the Spanish government's policy options to deal with its debt problems.
According to Oliver Wyman's audit, Spanish banks require to be capitalized to the tune of 59.3 billion euros. |
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