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Spain worsens [ClearOnMoney]
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Commentary

Spain worsens

28 Apr 2012 by Jim Fickett.

The Financial Times reports that confidence in the banking sector is slipping:

Many investors and economists, however, have decided that some kind of bailout for weaker Spanish banks – if not a full rescue of the sort already accepted by Greece, Ireland and Portugal from the troika of the European Commission, the European Central Bank and the IMF – is both inevitable and desirable.

In an unusually critical statement about Spain’s vulnerable banks, the International Monetary Fund said on Wednesday: “To preserve financial stability, it is critical that these banks, especially the largest one, take swift and decisive measures to strengthen their balance sheets and improve management and governance practices.”

As a result of the tie between banks and sovereign, S&P downgraded Spain's debt on Friday. From Reuters:

Spain's 10-year borrowing rate briefly topped 6 percent again in early trade after Standard & Poor's ratings firm late on Thursday cut the country's credit rating to BBB plus on concern about the government's exposure to its ailing banks.

It is hard to see bad loans at the banks declining while unemployment is still rapidly rising:

The data from the National Statistics Institute showed 367,000 people lost their jobs in the first three months of the year. That means more than 5.6m Spaniards or 24.4 per cent of the workforce are unemployed, close to a record high set in 1994. …

Half of young people under 25 have no work and in more than 1.7m households no one has a job.