Spain Bank Downgrade Kills Markets Worldwide
A Moody’s downgrade of several banks in Spain smashed markets in Asia and Europe. The concerns that problems in Greece could spread to a much larger economy increased. Even with the new facility of nearly $1 trillion, and IMF aid, the…
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The concerns that problems in Greece could spread to a much larger economy increased. Even with the new facility of nearly $1 trillion, and IMF aid, the cost to rescue Spain and its banks could be overwhelming. Spain’s economy is already in recession and unemployment is above 24%.
The Hang Seng dropped 1.9% to 18,845. The Nikkei was down 3% to 8,611. The Japan index has had its longest downward streak since the September 11 catastrophe.
In Europe, the FTSE, DAX and CAC 40 all moved lower by 1.1% at the open, and the trend was sharply down. European banks in particular were hurt on worry that some my have to take huge write-offs of sovereign debt holdings.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.