BBC News: Reports on more bad news for the Spanish Government, the cost of Spanish bonds has risen again, it is now 6.854% a record, while the Credit Agency Moody's has downgraded the Spanish credit rating to just above junk status.
Lets Get Real:
It seems the 100 billion euro bailout of Spanish Banks has not worked folks, it looks like Spain will have to go back to the EU and ask for the Spanish State to be bailed out. Any Government bailout would have to come with tight strings, the German tax payer has reached their limit with Greece. The question how will this affect Italy, the Italian State has a 2 trillion debt problem. Even the EU would have problems in covering that, there would be no money left in the bank. If Italy is about to ask for a bailout then the UK will have to give money, this would not be popular, but the lack of a united front by the EU could lead to the destruction of the Euro and of the EU. There are crisis days ahead folks, Spain, Italy and then Greece, Athens is the cliff folks, lets see how the Greek voters vote.
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