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Krugman notes that the banking systems of Portugal and Spain appear to be under pressure:

Economics and Politics - Paul Krugman Blog - NYTimes.com

Portugal's budget woes aren't nearly as severe, on the surface, as Greece's. But it had a big real estate bubble, and now the market thinks the banks are in trouble. Via Business Insider, the CDS spreads
on banks:

But if the banks have to be rescued, however, this would hit the budget hard.

Incidentally, looking at that picture I wonder if Sovereign should stop highlighting the fact that it's part of a Spanish bank?

by Metatone (metatone [a|t] gmail (dot) com) on Wed Apr 28th, 2010 at 02:08:30 PM EST
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