Spanish Yields Hit Nose Bleed Territory as Bankia Gets Over $28 Billion in Bailouts

Spain’s largest bank got massive bailouts last week. It started off with $11 billion, then climbed to $18b, then $23b by Friday. What many did not know was they also received a state bailout of of $4.5 billion bringing the grand total to $28.3 billion.

Law makers were sure to slowly increase the bailout during the week to lessen the blow or surprise of so much money being needed. Despite all the cash injections yields are racing back to 7%; traditionally an area that give the markets serious jitters.

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Spanish Ten Year Note