Forget It Draghi, Spain is Finished… Here’s Why.

• Forget It Draghi, Spain is Finished… Here’s Why. 
  by Phoenix Capital Research, www.zerohedge.com 
  As I’ve outlined in earlier articles, Spain will be the straw that breaks the EU’s back. The country’s private Debt to GDP is above 300%. Spanish banks are loaded with toxic debts courtesy of a housing bubble that makes the US’s look like a small bump in comparison. And the Spanish government is bankrupt as well. Indeed, in the last two weeks alone we’ve seen:
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  1. Spain request a €300 billion bailout from Germany (the original bailout was only €100)
  2. The regions of Catalonia, Valencia, and Marcia (and three others) hinting at needing or requesting bailouts.
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  Indeed, the following story reveals more than I think Spain would like… but it’s clear that EU political leaders are prepping for something VERY nasty.
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  Spain in crisis talks with Germany over €300bn bailout
  Germany’s finance minister, Wolfgang Schäuble, will meet his Spanish counterpart, Luis de Guindos, for crisis talks on Tuesday amid fears that spiralling bond yields in the eurozone’s fourth biggest economy will force it to seek a €300bn bailout from the European Union and the International Monetary Fund.
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  Interest rates on Spain’s 10-year borrowing rose to 7.59% – the highest since the euro was created – and the stock market in Madrid fell by 5% in morning trading following fresh bad news about the financial health of the country’s regions.
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  Hints from politicians in Berlin that Germany is preparing the ground for Greece to leave the single currency also unsettled markets, with hefty falls in equity prices on European bonuses and the euro under pressure on the foreign exchanges. London’s FTSE 100 index was down 100 points at midday, at 5551.
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  Dealers were unimpressed by de Guindos’s claim that Spain would not become the fourth eurozone country to require a formal bailout, after Murcia on Sunday became the second Spanish region to request financial assistance from the government. The Spanish finance minister categorically denied that a bailout was imminent, but media reports from Spain suggest up to six regions could require financial aid, with Catalonia next in line.
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  read more!

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