Its been coming a long time, but with rising bond cost a bank bailout and worsening economy it’s just a matter of time now for Spain to formally look for a bailout. It looks as if that has been discussed at the G20 meeting if you read between the lines. Time will tell but I believe Mario Monit’s quote below sums it up. The Slog discusses as follows:

WORDS: “The G20 wishes to express its alarm about the eurozone crisis”

(Opening statement)

“We can see that the markets are not convinced. We must draw up a definitive and clear road map with concrete actions that make the euro more credible.” (Mario Monti)

With Spain perhaps days away from requiring a full sovereign bailout, its bond yields rising above 7%, persistent rumours of a time bomb waiting to go off inside La Caixa, and Slog sources in Madrid of the opinion that “a full bailout is imminent, there is not a chance Rajoy can beat the markets. A total bailout is now unavoidable”, the anodyne quotes from Mexico floated unsteadily about like ethereal gloop on the air.

The Slogs source in Spain commented as follows:

“Spain can only wait another two weeks, unless Rajoy gets some under-the-table money from the [European] Central Bank. That’s possible of course, you never know any more.”

It seems hard to imagine that any money coming from that direction will be real: given that Greece was bailed out with some paper signed by Mario Draghi, the best Madrid could hope for would be some used Frankfurt bus tickets.

Finally, here is one I wasn’t expecting.

Is there any upside? Oddly enough, yes, there is: at long last – with the time at 3 seconds past midnight, Scameron is hinting darkly at moving away from european markets, and re-establishing a strong commonwealth relationship. This tells us just how impossibly bad things are in the eurozone, and that the EU as we know it today is crumbling into dust. For our Prime Minister lacks the courage to back anything that isn’t a certainty. (Except the rapidly disappearing HS2, of course).