Now Spain Needs 300 Billion Euro Bailout on Top of 100 Billion Bailout

Spain discusses state bailout; ECB seen writing off Greek debt
| Reuters

Spain has for the first time conceded it might need a full EU/IMF bailout worth 300 billion euros ($366 billion) if its borrowing costs remain unsustainably high, a euro zone official said, Reuters is reporting.

According to Reuters, Economy Minister Luis de Guindos brought up the issue with German counterpart Wolfgang Schaeuble in a meeting in Berlin last Tuesday as Spain's borrowing costs soared past 7.6 percent, the source said.

The money would come on top of the 100 billion euros already agreed to prop up Spain's banking sector.

These bailout requests will never end, given the spending going on by PIIGS governments. At some point the ECB will have to print huge amounts of euros or the EZ collapses.

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