Too Big to Fail

News this week is the astronomical increase in ECB loans made to Spanish financials in June - up by about half month-on-month and the country now taking up over 25% of the European total. Beginning with the reasonable premise that Citi was saved, and WaMu not, because of relative size, one can now easily imagine that collateral-friendly window remaining open for something approaching forever.

Great news for Kingdom of Spain guvvies.

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