SPAIN CRISIS EXCLUSIVE: Dash for banking consolidation “a recipe for worse disaster” – Insiders
‘Says my usual source in Madrid (not himself a banker, but employed by various US institutions in an advisory capacity), “As I commented last year, the idea that critical mass makes collapses less likely is completely erroneous. Sure, there’ll be fewer of them – but so damn big that, when they happen, everyone panics. And of course, if you just buy anything regardless of quality because there’s a politician kicking your ass, well, it’s like accelerating when you see the rocks. Crazy, just crazy.”’
Debt crisis: Markets slide as Spain’s banks face downgrade
ACTION….Spanish bailout “imminent….unavoidable”.
‘My usual source in Madrid comments:
“Spain can only wait another two weeks, unless Rajoy gets some under-the-table money from the [European] Central Bank. That’s possible of course, you never know any more.”
It seems hard to imagine that any money coming from that direction will be real: given that Greece was bailed out with some paper signed by Mario Draghi, the best Madrid could hope for would be some used Frankfurt bus tickets.’
Spain formally asks for EU bailout money
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