The instability of the Spanish banking sector makes falling stocks in Asia

The growing instability of Spanish banks and the constant uncertainty in Greece produced a drop in shares in Asian markets.

The Tokyo Stock Exchange, for example, closed almost 3% below the level of the previous day. The Nikkei 225 index fell exactly 2.93%. Hong Kong lived a similar day. The Hang Seng had a fall of 2.29%.

The Agency Moody's risk assessment downgraded the rating of 16 Spanish banks, amid concerns over the deterioration of the country's financial problems.

Institutions affected by the reduction of one to three points include including CaixaBank, Banesto, Banco Santander and BBVA, as well as of the subsidiary of Banco Santander in United Kingdom.

The Agency explained that the Spanish banking sector is facing a wave of low-quality loans, with an economy in recession, a real estate market depressed and high level of unemployment.

Moody's also said to have taken into consideration the risky exposure of the banking sector Spanish to the rest of the so-called eurozone debt crisis.

The rating of the Spanish banking sector is now below the greater part of the financial system of Western Europe.

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