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Spanish banks had their ratings downgraded

 
Posted on May, 18, 2012
 
Moodys downgraded 16 major Spanish banks including Banco Santander as fears grow over the debt crisis in the eurozone. With re-elections in Greece, the investors are worried about the future of the eurozone and countries like Spain, Italy and Portugal are seen as very vulnerable in case of a Greek default. The Euro has lost ground against the dollar during last week but showed some signs of recovery on Friday. Next week is expected to bring in more moves on the market, and binary options traders may find good conditions for obtaining profits.
 
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