Spain is Now Facing a Banking Crisis and a Sovereign Crisis At the Same Time

by Phoenix Capital Research

 

Last year I wrote a piece in which I noted that the EU would implode before the end of 2012. The reason for this was clear as day: EU banks needed to roll over hundreds of billions of Euros’ worth of debt (possibly trillions) at a time when interest rates would be rising as sovereign bonds fell in value:

 

At that time I wrote:

 

This is not a question of [...]