The National Bank of Greece has issued a report ahead of the country’s June 17th elections that says if those elected choose to remove Greece from the euro it could have catastrophic impact upon the nation’s economy.
The bank stated the risk of the country exiting the euro has become more than a theoretical possibility. Continue reading
Shares in the Spanish bank, Bankia, were down 14% after reports about the struggling bank’s finances.
The bank denied reports that customers had withdrawn over 1 billion euros from various accounts. The bank is set to be part-nationalized.
A Royal Bank of Scotland spokesman said that the problem is that the Spanish government cannot bear all the weight of the banks in Spain should they all fail at the same time. Continue reading
