Spain will eventually need a bailout, as its heavy private debt burden is increasingly weighing on sovereign debt levels, Arnab Das, managing director of market research and strategy at Roubini Global ...
Now that Germany has agreed to an extension, allegedly with no more money on the table, Spain confirms what we all knew would happen, Third Greek Bailout Under Discussion. Euro zone countries are discussing a third bailout for Greece worth 30 billion to 50 billion euros, Spain's economy minister said on Monday, as Athens sought to quell fears it might run out of money before the end of March.
In what may become a historic "Emperor Has No Clothes" moment, the euro, stocks, oil, and European government bonds all quickly reversed course following initial euphoria of a Spanish bank bailout sure to do more harm than good.
For details of the bailout please see Rajoy Proclaims "Victory", Says It's Not a Bailout "It's a Credit Line"; Existing Bondholders Subordinated
S&P 500 Futures 5-Minute Chart
In the wake of a huge market reaction on Friday, it's interesting to see how the headlines read other places, especially Spain.
Here is one such viewpoint by El Confidencial: Government 'sacrificed' Bank of Spain in Exchange for Financial Sector Bailout
MADRID — Eurozone nations are negotiating a third bailout for financially strapped Greece that would give the country as much as 50 billion euros (US$56 billion), Spanish Economy Minister Luis de Guindos said Monday.
The bailout would provide between 30 billion and 50 billion euros and its “central scenario for Greece is a deal on the basis of the current bailout, and new conditions to be set with flexibility,” de Guindos said at an economic conference in the northeastern city of Pamplona.
After insisting no bailouts would be needed, Spain to spend billions on bank rescue
Spain is planning a state bail-out of Bankia, the country’s third biggest bank by assets, in a move likely to involve the injection of billions of euros of public money into the troubled lender.
Insider Monkey submits: Nouriel Roubini has been one of the permabears predicting doom in this market for most of the past 7 to 8 years. His popularity skyrocketed with the onset of the financial crisis.
The ink is not even dry on the much fought extension of the Greek bailout, so hated in Greece because it perpetuates the "austerity" memorandum conditions and already Spain, which as a reminder is suddenly not on very good speaking terms with the Syriza government, is stoking the anti-austerity fire in Athens even more when moments ago Spain's Guindos revealed that not only is a third Greek bailout imminent, and will cost Europe's (and America's via the IMF) taxpayers between €30 and €50 billion, but that Spain, whose banks were completely insolvent as recently as 2 years ago and were only