Spain to go to market to fund Bankia, regions: source

Spain will recapitalize nationalized lender Bankia by issuing new debt, not by injecting bonds into the lender, and will likely adopt on Friday a new mechanism to back its regions' debt, a government source ...

MADRID (Reuters) - Spain did not consult the European Central Bank on it

German Chancellor Angela Merkel has worked out a deal with Spain to rescue its banks. Global equity markets and commodities, especially gold and silver, have cheered the news. However, the bold market has let out a big yawn. The yield on Spanish 10-year treasuries dropped less than 3 basis points to 6.281%, hardly a sustainable rate. Please consider Germany finalizing face-saving aid deal for Spain

EU Throws Spain Two Deathlines; Spanish 10-Year Yield Tops 6.7%; ECB Rejects Madrid Ponzi Refinancing Scheme The markets are reeling in the wake of rejection of Spain's Ponzi Recapitalization Scheme by the ECB according to the Financial Times.

After months of denials, a short Eurogroup Statement shows Spain will submit a formal request to Brussels for a bailout.  Here is the statement in full. The Eurogroup supports the efforts of the Spanish authorities to resolutely address the restructuring of its financial sector and it welcomes their intention to seek financial assistance from euro area Member States to this effect.

Courtesy of Google Translate please consider Bank of Spain inspecto