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Spain will need massive bailout

by Bob Morris, published

Spain is nearing financial collapse. Record amounts of money have been withdrawn from banks that already are wobbly at best.  Their ill-advised scheme to roll up several small insolvent banks into one big insolvent bank, Bankia, was a failure and merely a desperate attempt to buy time.

Nomura says "Spain will need full-blown bailout which will include more active role of ECB in Spanish bond markets" and that using treasury debt to save Bankia pushes Spain towards needing a sovereign bailout.

Spain is much bigger than Greece. A comment on Zero Hedge sums it up

Spain has to get 'fully bailed out' by WHO? Are we STILL pretending someone is standing by with a bunch of free cash to throw around?

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