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Desperately seeking a bailout for Spain and its banks; Roubini

 Bank bailouts on this scale may well bring the Spanish state to its knees.

If they don’t, Spain’s public and external debt positions will.

In order to stabilise its public debt levels after a bank recapitalisation, Spain would have to generate a swing in its public finances that is not only unrealistic, but also self-defeating.

The tax rises and spending cuts required would make the recession deeper and cause the primary balance to deteriorate.

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