Spain to release bank audits after austerity cuts

MADRID (AP) ? Spain is set to reveal how much trouble its banking system is in when it releases the results of audits of 14 lenders.

The results will also help the country decide how much money it will tap from a ?100 billion ($128 billion) loan facility to prop up the country's financial sector.

The announcement Friday afternoon comes a day after Spain outlined plans to cut spending and raise taxes to convince financial markets it is on track to reduce its bloated deficit. Many analysts believe the budget is part of preparations for another financial lifeline to help the country reduce its high borrowing costs.

The Moody's Investor Services ratings agency is also expected to issue a report that some analysts believe will reduce Spanish bonds to junk status.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-09-28-Spain-Financial%20Crisis/id-601a2dc1b9e248feb7fd34a8b2760993

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