FEARS over a new financial crisis have rocked global markets as Spanish stocks were routed on ‘Black Monday’.

The IBEX 35 dropped 4.4% on February 8, its steepest fall since August.

Spain’s banking sector has now lost over a fifth of its share value worth €40 billion over the past year.

Shares in Grupo Santander were down to €3.56, less than half what they were worth in September 2014 when the price stood at €7.90.