As I write there are suggestions that spain will seek a banking only assistance of some €100b.
Is that going to be enough? Look at the following graphs… Bear in mind
a) Ireland is approx 1/8 the size of spain
b) Ireland has to date spent €63b on its banking bailout.
Spanish Private Sector growth (from the Eurostat macro instability website) . total accumulation is not massively different for the banks.
Second comparative house prices (from Ecowin) , rebased to 2000. Again, note that the trajectories are similar, with however the crucial element that spain has not begun the steep declines that have been the cause of the irish banks going pop.
Will 100b, or some 8% of Spanish GDP be enough given the similar trajectories to a country which has seen some 30%+ of GDP vaporised?