You Know Things Are Bad When...
You know things are bad when your budget minister declares that your government " has effectively lost access to capital markets because of steep risk premiums demanded by sovereign bond investors." Well, that's Spain for you.
Now, Mr. Montoro, Spain's budget minister, is calling for direct aid from European Union institutions, most notably the EFSF (European Financial Stability Facility), to help mitigate its banking crisis.
A German newspaper, Die Welt, has in turn noted that the EFSF is considering creating a provisional credit line for Spain to utilize
In other European sovereign debt crisis news, Cyprus probably needs to be bailed out also.