"Spain Is Not X"... And Why That Is Actually A Bad Thing

Tyler Durden's picture

The place that worries Michael Cembalest, of JPMorgan, the most is Spain. Historically, the kind of dismal position it finds itself in currently has not ended well with 13 defaults since 1500 A.D. and he suspects its going to take a lot of bilateral aid and ECB financing to prevent another one.

Source: JPMorgan