European markets suffered a jittery session on Friday as concern continued over Greece and Spain.
Spain's main index is trading higher after losing more than 2% early on.
Some investors moved money into German bonds, which are seen as low-risk. The oil price also fell, reflecting worries about the global economy.
Confidence in European banks was undermined by ratings agency Moody's, which cut the credit ratings of 16 Spanish banks late on Thursday.
I expect a reform plan for the banking system in the next days.
What we shouldn't do is comparing Spain with Greece.
Unemployment was always high in Spain and they have plenty possibilities.
But the first step must be a bailout for the banks. They had a good budget before the crisis.
200bn for the bailout are available without risks.
I think the coment "Spain feels the pain" is a bit sensationalist and also biased. Not only Spain is "feeling the pain", half of Europe, if not almost all, is feeling this pain, even a country as powerful as France, not to mention also of Italy
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Spain feels the pain.
Originally Posted by Steak-Sauce
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