Analysts Say Spain’s Banks Could Need $111B to Refinance

Analysts suggest that Spain’s banks could need US$111 billion (85 billion euros) in order to remain solvent as fears grow that Portugal, Spain, and Italy are all in need of emergency funding.

“The big elephant in the room is not Portugal but, of course, it’s Spain,” Nouriel Roubini, the New York University professor who predicted the global financial crisis, said at a conference in Prague yesterday. “There is not enough official money to bail out Spain if trouble occurs.”

Source: Bloomberg

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