No one can pretend to know whether Spain is illiquid or insolvent without gauging the size of the black hole that is the country’s banking sector. The Spanish government is finally starting to do this: Bankia and other banks are reportedly set to receive a capital injection from Madrid. With the Spanish economy contracting sharply and with unemployment soaring, it was inevitable that the government had to bail out the banks. But this only deals with one piece of the puzzle. Without growth, the Spanish sovereign will need a bailout as well.
在对西班牙银行业“黑洞”的规模进行测算之前，没有人能假装对西班牙究竟是否缺乏流动性或是失去偿付能力妄下断语。西班牙政府终于开始行动了：据报道，Bankia和其它银行将接受政府的注资。鉴于西班牙manbetx20客户端下载 大幅萎缩且失业率飙升，政府不得不为这些银行纾困，这是不可避免的。但这只解决了问题的一部分。在缺乏增长的情况下，西班牙主权也需要一次纾困。
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