Spain - Bail out May be the only Way out ...

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“Telling people you’re worried about raising �19bn in the market is idiotic,” said one senior financier in Madrid. “Basically it’s saying: ‘We’re going to need a �400bn bailout from the IMF’.”

Spanish officials said on Monday that its plan to raise money for the Bankia rescue was still based on borrowing in the bond markets, to which Spain still had access. Madrid had not contacted the ECB about the Bankia situation, Mr Rajoy said.

European officials are torn over the merits of the Spanish proposal, which would set an important crisis-fighting precedent in the eurozone that would underline the acute concerns over the fallout from a big bailout for the euro area’s fourth-biggest economy.'

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