From Value Walk
By Paul Shea
''The Spanish Government’s refinancing needs add up to 564 billion euro through the end of 2014. Italy’s refinancing needs add up to around 997 billion euro for the same period. This leaves the total refinancing needs for the countries at 1,560 billion euro. At today’s rates that adds up to about $1,950 billion. That clearly dwarfs the 400 billion euro in the fire walling funds.
This remains alright as long as the countries retain power to access the markets. Spain’s access is already in doubt following its disastrous financial situation earlier in the summer. Italy looks strong right now, but additional pressure on the Euro, coupled with growth problems at home could thwart its access as well.''
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