Bank CDS soar as concern builds that Spanish lenders will need capital

06/8/2010 | Bloomberg

Concern that Spain's banks will need to raise as much as €50 billion in capital pushed credit default swaps on European lenders close to a record high. "There is illness in the Spanish banking system," said Jeroen van den Broek, head of credit strategy at ING Groep. "It's very similar to 2008, when the market was hunting down the next bank failure. Now, the market's hunting the next sovereign fiscal problem."

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