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Fear across global markets also led London luxury jeweler Graff Diamonds to pull its planned $1 billion Hong Kong initial public offering (IPO), the fourth major IPO to be called off in Asia this week.
The Spanish government is under mounting pressure to open an investigation into the collapse of Bankia amid public anger at the salaries of its directors and the losses of savers who bought the rescued bank’s shares, according to a report in the Financial Times.
Luis de Guindos, Spain’s finance minister, described 20 million euros of severance pay for two directors of the bank as “unacceptable,” calling for an investigation by the Bank of Spain.
Official figures in France indicated that the number of jobless people there rose for a twelfth month in April to stand at its highest since September 1999, highlighting the challenge facing new Socialist president Francois Hollande.
Elsewhere two of the world’s biggest trade credit insurers have stopped providing cover for exporters to Greece in highly unusual moves reflecting their concern that the country might leave the euro zone.
Brokers said the decisions by Euler Hermes and Coface were the only instances they could recall of trade credit insurers pulling out altogether from a European country.
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