Affected by the concerns about European debt crisis will further deteriorate. The Spanish stock market opened lower, the IBEX 35 index started at 6,986.70 points, hitting a new low over the past three years on the April 23.
The Spainish 10-year note yield rose more than 6 percent on Friday again, market concerns about the euro zone situation upgrade again.
The Spanish economic data are also not optimistic: the banking sector loans are 1.70 times GDP; the Spanish bank bad debt amount has just hit a 18-year new high; the Spanish banks have borrowed 316.3 billion euros from the European Central Bank in March compared with 169.2 billion euros in February.
What is worse, the Spanish citizens are transfering money out of Spain: in March 2012 alone, there were 65 billion euros left the Spanish banking system.
As of release, the IBEX 35 index declined 2.96 percent, or 215.40 points, to 6,828.90 points.