Πέμπτη, 17 Μαΐου 2012

Eurozone crisis live: Fitch downgrades Greece on euro exit fears

The Greek flag of the Parliament waves under heavy sky in Syntagma square, Athens, Greece


• Fitch cuts Greece to CCC
• Bankia chairman denies reports of bank run
• El Mundo: €1bn taken out since Bankia nationalisation
• Markets fall again
• Spanish bond yields jump at auction
• Vince Cable: Germany can solve the crisis



Storm clouds over Athens today, where a new government was sworn in hours before Greece's credit rating was cut by Fitch. Photograph: Alkis Konstantinidis/EPA
9.05pm: Another dramatic day must end. Keep an eye on the website, Twitter, or your nearest Reuters/Bloomberg terminal in case Moody's does downgrade some Spanish banks, as we had expected. In the meantime, here's a closing summary:
Fears that Greece might leave the eurozone, sparking global turmoil, intensified tonight as Fitch downgraded its credit rating.The ratings agency said that there was a heightened risk that next month's election will lead to a government that does not support the current austerity plan, leading to a break-up of the single currency and a Greek default. Fitch would also put all eurozone countries on negative watch, which could lead to further downgrades.
Rumours of a bank run at Spain's fourth-largest bank rocked the markets. Spanish media reported that over €1bn had been withdrawn from Bankia since it was nationalised. The report was denied, after shares in the bank fell by almost 30%.
It was another day of losses on many world stock markets.The FTSE 100 closed 66 points lower at 5338, meaning it is now officially in correction territory. On Wall Street, the Dow closed 156 points lower.
In Greece, the temporary government was swown in as the election campaign got underway. Polling data painted a mixed picture, with one showing New Democracy in the lead, and another placing Syriza in front. The party's two leaders both hit the headlines, with ND's Antonis Samaras warning that Greece faced a 'nightmare' if it left the euro, and Syriza's Alexis Tsipras predicting 'hell' if it stayed.
UK politicians weighed in on the crisis again. David Cameron urged other leaders on a conference call to take decisive steps to save the eurozone, Alistair Darling warned that the crisis could blow up in a few hours, and Vince Cable argued that Germany would act to protect the euro.
Thanks, and goodnight! We'll be back in the morning. Hope you can be too.
9.01pm: Wall Street just closed after another day of losses, with the Dow Jones unofficially finishing 157 points lower at 12,441, a drop of 1.25%.That's its 11th fall out of the last 12 day's trading.
The S&P 500 ended almost 1.5% lower, while the Nasdaq lost over 2%.Europe got a lot of the blame.
GUARDIAN

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