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Thursday, 7 June 2012

Spain gone

Spain's credit markets appear to have seized up, following the Greek pattern.  The Spanish government budget minister has called for European financial help, only days after rejecting calls for European financial assistance.

See the Wall Street Journal's "Spain warns market access being shut, calls for EU action on bank recap", which I acknowledge;  "It is not just Spanish banks having problems";  and Der Spiegel's "Possible deal takes shape on aid for Spain's banks" and "Spain's bailout refusal is 'Kamikaze politics' ".

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