The Turning of the Herd

FT Alphaville today quotes an analyst opining on Spain's position in the PIG-o-sphere:

"In the name of prudence we will however use Moody’s worst case scenario where it sees a need for capital injections of up to €120bn, or nearly 8% of Spanish GDP when looking at the possible cost to Spain.... , Spanish cajas may be in a weak position, but relative to the size of the overall economy their losses and potential losses remain manageable."

The table is from the piece. Readers might note that the figures are partially drawn from the European Commission's November 2010 forecast. Readers unable to clearly recall that far back might take a look at that month in the yield and spread charts in the sidebar - and ask themselves what drives news content. First to claim it is the perusal of timely, publicly available information - rather than current gossip - wins a sow's ear.

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