La Historia Más Grande Del Verano No Son Los Juegos Olímpicos

(The Big Story of the Summer Is Not The Olympics!)

Interesting that the biggest threat to our economy currently is not the idiots running our country, but the mess unravelling in Spain.

A few key points for you:

A third of Spanish Government debt is owned by Spanish Banks. Spanish Banks are all but collapsing financially. The Spanish Government has tried to borrow money from the open market to help prop up its banks but the cost to do so has increased dramatically due to the perceived risk to lend to Spain.

And there in lies the problem......Spain can't afford to borrow itself out of trouble. We've seen the same problem before with Ireland / Portugal and it led to mass hysteria with the financial markets and a Eurozone bailout with huge implications for all of Europe.

And where next for Spain? It seems that the only real outcome will be a full scale Eurozone / IMF bailout. Messy at best......deeply deeply worrying at worst.

The only real surprise is that it has taken so long for everyone to stand up and notice.

Don't let the Oympics mask the big story of the summer!