Spain - the fattest of the PIGS - needs EUR 280bn. Nice.

Seems that Spain is talking of needing financing to the tune of EUR 280bn. Which begs the question: What is Spain doing supporting the IMF/EU package for Greeece with more than EUR 10bn? Sounds like a sovereign ponzi scheme.  They all need the cash themselves. This game of musical chairs is not going to end without lots of tears.

Well that's the reason banks are selling off I read. These PIGS are the harmless thing though. The Gorillas are still sitting in the room, looking more and more in trouble by the minute if you ask me. 

Considering how fast ratings can deterioate, I wouldn't be surprised if we see this whole sovereign debt situation escalate. I wonder if they'll nationalise ratings agencies in the interest of stablising the market. Doesn't seem the market waited for rating agencies to call trouble recently. 

Bestcase: Portugal, Spain, Italy and Greece get support.

Worstcase: The minute one country is "saved" the next will be attacked by the market. 

EDIT. 15:24 CET - Just went long a large bank for 3rd party acc. Merger mania with continental and UAL is going to beat this greece, spain noise?! Yeah yeah I know it was y'day. But still. IB is doing alright it seems!