ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Spanish and Greek Banks Face Massive Loss

Updated on May 18, 2012

We, here in America, have always been insulated from global issues. partly because America is protected by two oceans. But, in today's world, this has been minimized greatly by the Internet and satellite communication.

What happens to European banks does have a large impact on American banks because of their investments with each other. Just as the housing market collapse in the US due to bad loans, Europe had its own housing issues and bad loans.

The European debt crisis will greatly impact us across the pond. What happens in Greece and Spain can cause the wave effect on US banks. Greeks fear their savings will lose most of their value if the country leaves the euro and converts back to the old currency, the drachma. This seems a likely scenario now and just this week Greek banks faced a massive loss from its customers. over 700 million euros were withdrawn and since January 2012, that number is 72 billion euros. The Central European bank has refused to loan more money to Greek banks, and the Central Greek Bank, helped lesser banks avoid collapse by loaning them their last reserves. The EU and specifically, Germany, is simply refusing to give the Greeks one more dime. Politically, the Greek government mirrors the financial crisis.

Because of the huge debt Spain is facing and because of Greeks making a run on their banks to pull their savings out before it is worthless, Spaniards are following the Greek example. On May 17, 2012, Spain's Bankia, one of its largest, lost 1 billion euros in customer withdrawals. Spain even partially nationalized this private entity to prevent total collapse. Had this happened, the wave effect would have hit other nations with debt issues, like Portugal, France. Bankia's value on the stock market lost 30%.

Right now, it seems many European countries and banks are teetering on the fence. It would be a good guess that the EU debt crisis is destined to get worse until countries begin to default. Greece is the first. The only country saving the EU seems to be Germany, even though they have their own problems.

As the EU situation worsens, American banks will lose and become impacted. A war with Iran and the repercussions in oil prices zooming up could be all it takes for the EU crisis to become catastrophic. Just keep your eye on what is happening across the Atlantic pond.


    0 of 8192 characters used
    Post Comment

    • nextstopjupiter profile image


      6 years ago from here, there and everywhere

      I would like to add this article to your hub

    • nextstopjupiter profile image


      6 years ago from here, there and everywhere

      The people worldwide should follow the Greeks and the Spaniards and withdraw all their money from the banks, without the savings of the people the criminal financial system which caused the financial crisis would collapse and clear the way for a new beginning without these criminals.

    • perrya profile imageAUTHOR


      6 years ago

      and what does diet have to do with the economic situation of Greece and Spain?

    • profile image

      Big jake 

      6 years ago

      Yeah, I eat only raw meat; for a lot of reasons but one basic reason – because cooked meat makes me vomit. I fast a bunch, and, after a fast you lose the ability to digest cooked meat temporarily (raw is fine), and you have to get very sick a few times after eating cooked meat for your body to re-adjust. After going through that cycle one too many times, I just stayed with the raw.

      I’ve had no problems with the raw stuff, the only things that you have to work around are the texture (jiggly, has to be managed) and the modern meat industry (supermarket meat is dirty). For the taste, after your body gets a taste for the raw stuff, it actually makes the meat taste good. Raw steak tastes better, raw fish makes you feel good immediately, and even grosser stuff like liver can even taste sweet (shocked me too).

      I’ve been at it for a few years now, and haven’t had any troubles. In fact, because an all-raw diet’s an expensive pain in the butt to stay on, I usually have to mix in things like bread, potatoes, and pizza regularly, and those are the things that make me feel gross and give me bad side-effects.


    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

    Show Details
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)