Courtesy of Russ Winter of Winter Watch at Wall Street Examiner
Spain’s Rescate (“Rescue”)
Spain’s bank rescue news is out, and the obfuscation is very high, as usual. The rescate (rescue) amount offered is $100 bn euros, a mere two and a half times last week’s estimate. This tells us the Spanish banks are under-capitalized by at least $100 bn euros. That’s positive? We already knew the ESFS and ESM would lend Spain money, the question is in what manner? This uses up about all the capacity Europe has on its own and opens up more cans of worms.
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