Tuesday, January 13, 2009
Santander cannot be as rock solid as is led to believe.
The move caused fury in Madrid and revived fears in the currency and bond markets about the underlying health of Europe's monetary union. Spanish officials are irked that S&P has placed Spain's debt on "CreditWatch Negative", a notch lower than the "outlook" alert issued on Irish bonds last week. It is the first time that a AAA country has suffered such a harsh verdict since the start of the global financial crisis. S&P? Does anyone still actually listen to a word they say?