Spain, according to a report freshly issued (it was due on Monday) by the IMF, needs to find $46 billion for its banks, reports the New York Times. That's all its banks, not just the one. $46 billion is £30billion.
Mervyn King famously regarded £30 billion as a great deal of money in those dear, dead days when New Labour's bank, Northern Rock, inflicted the indignity of a retail bank run on the United Kingdom and its benighted Chancellor of the Exchequer. But he was constrained to accept £30 billion and then some as Northern Rock swallowed down more and more of taxpayers' money only to look quite abstemious as Royal Bank of Scotland, HBOS, and their sundry, formerly solvent victims quantitively eased their way into the public purse. It turned out that £30 billion isn't much after all. And as for the 29 trillion dollars President Obama rarely mentions.....
Obama is banging on and on about Spain, the IMF in Washington is rushing out reports, the English language media is sucking its breath in between its teeth as if Spain had been caught in flagrante delicto.
All this for just one kiss?