Spanish banks slump after election sparks Greek-style uncertainty

Spanish banks posted some of the biggest losses in European trading on Monday after the country’s ruling party lost its parliamentary majority in Sunday’s election, sparking fears of Greek-style negotiations to form a coalition government.
Prime Minister Mariano Rajoy’s Popular Party won most of the votes and scored 123 seats in parliament, but that’s not enough to rule on its own.
Far-left Podemos won 69 seats and upstart party Ciudadanos won 40.
The splintered vote fueled concerns of a government so fragmented it will struggle to push through with reforms to continue Spain’s economic recovery after the financial crisis.