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Caricature: Angela Merkel Chancellor of Germany

The hastily organised bailout of the Spanish based banks (€80-100bn at best estimate) does not appear to have ended market fear about the solvency and debts of the institutions and their counterparties (continental and global business partners). This implied horror also includes the countries and organisations which now apparently have to guarantee the debt of the global financial business.

Spain called Germany's bluff and won easy terms bailout. Merkel being dragged to banking and sovereign mutualisation.
Clive Hollick

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