Wary of mounting financial problems, major companies areattempting to distance themselves from Spain, the Wall StreetJournal reports. ING, the Dutch financial services company,and Securitas, a Swedish security services company, have both saidthey are looking to reduce their exposure to the depressed country.The International Consolidated Airlines Group announced last weekthat it was readying itself for the possibility of a Spanisheuro-exit.
|ING has had a large Spanish presence, but has built adiscrepancy between assets and liabilities due to Spanish loans andbonds it has invested in. Securitas has already been cutting backon unprofitable contracts in Spain, but will continue to terminatemore to avoid credit risk as the market deteriorates.
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