Full story here from ZeroHedge. Of course Spain doesn’t need Euro 280 billion. They probably need some Euro 400 billion. Consider if you will, the 280 billion is over 2x the Greek bailout number, which itself has quadrupled in the last 2 weeks. Going long on printing presses! For some fun on Spain, click here.
Just because Goldman tends to get a pretty good look at all counterparty books, we will surely take their word on this one. Or not- as we reported recently, DTCC indicated that Spain has seen massive synthetic derisking over the past 2 weeks. We contend that Goldman’s prop desk has been a major participant in the recent derisking action. We would be happy to be proven wrong: if Messrs. van Praag and Canaday would but disclose the firm’s prop positions which refute this claim, we will immediately issue a retraction. (more…)