Although we try to avoid going to the same source more than once per day, if someone has the scoopage...
From FT Alphaville:
[Spanish bank bailout] Albert weighs in
On the back of the glorious victory in yesterday’s Thomson Reuters Extel survey, Societe Generale’s Albert Edwards has a note out on Spanish banks (his emphasis):...MORE
The Spanish banking sector is a victim of deflationary policies enacted at the behest of German economic orthodoxy. A bailout will solve nothing.He compares Spain and the eurozone to Japan in the 1990s. In Japan the banks weren’t the problem, but merely a symptom of deflation and failure to stimulate. In fact, Japanese banks didn’t start to underperform the total market until around 1997: