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LONDON - Spain's economy minister has been forced to deny reports his government is seeking international help to prop1 up its banks, as fears grow that many lenders are facing huge losses on loans. Several banks in Europe's strongest economy, Germany, have also been drawn2 into the crisis.
Spain’s southern shoreline, the Costa del Sol, has long been a favorite on Europe's tourism map. But alongside the beach bars and nightclubs are row after row of half-built, abandoned apartment blocks.
This is the center of a building boom that burst spectacularly with the global financial crisis. Across Spain, banks gave billions of dollars to property developers trying to cash in. They are left with huge debts.
The government is already nationalizing the ailing3 lender, Bankia, at an estimated cost of more than $25 billion.
Tobias Blattner is chief of economic research at Daiwa Capital Markets:
“Bankia is really just the tip of the iceberg4, after all, because we know that they still have huge, massively bad loans on their balance sheets," said Blattner. "So I think they are in a very critical stage. I think what we have seen is the approach that the Spanish government has taken so far was, in a way, not enough to convince the investors5 that Spanish banks are safe.”
Spain’s economy minister, Luis de Guindos, denied reports his country is seeking international support for its banks.
Spain wants to avoid following the path of countries like Greece and Portugal in tapping the European Union bailout mechanism7, says Fidel Peter Helmer, a trader with Hauck and Aufhaeuser Private Bank.
Helmer says it would mean that Spain's sovereign rating would be further downgraded. He says they want to avoid that because above all, the dilapidated banks are to blame for the misery8.
The European Central Bank injected $660 billion worth of liquidity9 into the continent’s banking10 system in February. That medicine appears to be wearing off. Wednesday, six German banks had their credit rating downgraded by Moody’s because of fears of their exposure to bad debt.
Meanwhile, the European Commission is unveiling plans to avoid taxpayer-funded bailouts in the future.
Michel Barnier is commissioner11 for internal markets:
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1 prop | |
vt.支撑;n.支柱,支撑物;支持者,靠山 | |
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2 drawn | |
v.拖,拉,拔出;adj.憔悴的,紧张的 | |
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3 ailing | |
v.生病 | |
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4 iceberg | |
n.冰山,流冰,冷冰冰的人 | |
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5 investors | |
n.投资者,出资者( investor的名词复数 ) | |
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6 eventual | |
adj.最后的,结局的,最终的 | |
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7 mechanism | |
n.机械装置;机构,结构 | |
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8 misery | |
n.痛苦,苦恼,苦难;悲惨的境遇,贫苦 | |
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9 liquidity | |
n.流动性,偿债能力,流动资产 | |
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10 banking | |
n.银行业,银行学,金融业 | |
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11 commissioner | |
n.(政府厅、局、处等部门)专员,长官,委员 | |
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12 sector | |
n.部门,部分;防御地段,防区;扇形 | |
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13 taxpayers | |
纳税人,纳税的机构( taxpayer的名词复数 ) | |
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14 analysts | |
分析家,化验员( analyst的名词复数 ) | |
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