Spain Too Big for EU Rescue Fund as China Recoils!

• Countdown to the Eurozone sovereign debt meltdown has begun! Jim Sinclair: “The end is not near, it is here and now!”
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  Spain too big for EU rescue fund as China recoils! 
  By Ambrose Evans-Pritchard, http://www.telegraph.co.uk/
  As Spain edges closer to a full sovereign rescue, economists have begun to doubt whether the EU bail-out machinery can raise such large sums funds at viable cost on global capital markets.
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  While the International Monetary Fund thinks Spanish banks require €40bn or so in fresh capital, any loan package may have to be much larger to restore shattered confidence in the country.
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  Megan Greene from Roubini Global Economics says Spain’s banks will need up to €250bn, a claim that no longer looks extreme. New troubles are emerging   daily. The Bank of Spain said on Thursday that Catalunya Caixa and Novagalicia will need a total of €9bn in new state funds.
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  JP Morgan is expecting the final package for Spain to rise above €350bn, while RBS says the rescue will “morph” into a full-blown rescue of   €370bn to €450bn over time — by far the largest in world history. “Where is the money going to come from?” said Simon Derrick from BNY Mellon. “Half-measures are not going to work at this stage and it is not clear that the funding is available.”
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  In theory, the European Financial Stability Fund (EFSF) and the new European Stability Mechanism (ESM) can raise a further €500bn between them, beyond the sums already committed to Greece, Ireland, and Portugal. “There is sufficient fire-power available. In addition, the EFSF/ESM can leverage   resources,” said Christophe Frankel, the EFSF’s chief financial officer.
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