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The Real Threat is Spain, Not Greece: Sullivan
Greece who? The greatest threat to the global economy has quickly shifted west to Spain. Spain’s stock market and big bank stocks continue to tumble. The benchmark IBEX 35 index is down 10 percent since Jan. 1 and nearly 30 percent over the past year. Here’s the fear: Banco Santander, BBVA and the third largest bank in Spain, La Caixa, have combined assets of about $2.7 trillion. Spain’s GDP is just about $1.4 trillion. In other words: Spain’s three biggest banks are nearly twice as big as the entire Spanish economy. For this reason alone, Ben Bernanke and central bankers around Europe are right to be ... (full story)
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Sure I have a trading plan. Buy low. Sell high. What's yours?
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