Concerns that Spain's banks will need to raise as much as €50 billion in capital pushed credit default swaps on European lenders close to record highs. "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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