Anatoly KurmanaevSPANISH banks are once again facing the auditors’ scrutiny, with rating agency Moody’s threatening to downgrade 30 of the country’s financial institutions.
Among the suspects are multinational giants Santander, BBVA and Sabadell.
Not surprisingly, more and more Spanish banks are merging to dilute their rotten balance sheets.
Andalucia’s largest savings society Unicaja is finalizing talks over a merger with Aragon’s Ibercaja.
Both are on Moody’s bad books.
Meanwhile, Almeria-based Cajamar is fusing with Caixa Rural de Baleares.
It is Moody that needs scrutiny … they gave AAA rating to Bernard L. Madoff’s investment firm which masterminding the biggest Ponzi scheme in U.S. history.