Spanish stocks dropped 1.80% Friday with the IBEX 35 ending the week at 9,547.20 points, registering its fourth losing session this week.
The turbulent week began Monday when stocks lost 2.68 per cent closing at 9,996.40, the first time the IBEX 35 dropped below 10,000 pints since August.
Tuesday wasn’t much better with the IBEX losing 304.60 points, a 3.05% drop. As the week comes to a close the accumulated losses mount to 7%.
Investors are fleeing the Spanish market as fears grow over the European debt crisis, which forced Ireland to seek assistance from the EU and IMF Monday. Speculation is now focused on Portugal and Spain as the next two eurozone countries to possibly collapse and come begging on their knees.