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Spain eyes $50 bn bank bailout this weekend

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Of course, the $50 billion is only the beginning. Some rumors have suggested numbers closer to $500 billion but we're not there yet. Meanwhile, the much smaller problem (and delay) of Greece is still out there to be resolved. The Guardian:

A first indication would come by Monday, she said, with an International Monetary Fund report on Spain. That is expected to say that Spanish banks need a capital injection of €40bn (£32bn) and may be considered sufficient for a preliminary bailout request over the weekend, especially as the government has already seen the figures.

It remained unclear, however, when an announcement would come and how detailed it would be.

A Spanish bailout will almost certainly be targeted directly at its banks, avoiding a wider crisis that could prevent Spain borrowing on the markets to fund government spending.
Interestingly enough, the euro is in a holding pattern with the dollar, though that is likely to change as the eurozone problem unfolds.

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