If greece was Northern rock then spain is Lehman Brothers

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independent.co.uk/opinion/commentators/sean-ogrady-if-greece-was-northern-rock-spain-is-lehman-brothers-2002675.html

Sean O’Grady: If Greece was Northern Rock, Spain is Lehman Brothers

Thursday, 17 June 2010

Unlike the football result, Spain’s financial fiasco was entirely predictable. Though her problems are not as deep-seated as those in Greece, they are more dangerous simply because the Spanish economy is so much larger than that of Greece – about five times larger, in fact. It is the sort of difference, to draw an uncomfortable analogy, between Northern Rock and Lehman Brothers.

The first was serious indeed, and a precursor of worse to come, but it did not shake the world; Lehman Brothers was globally systemic, just as Spain is. Spain’s economy is five times the size of Greece’s; she is too big for Germany and France to save, and threatens the euro’s survival. But, to borrow a phrase, Spain is also too big to fail.

Thought the headline was good enough for it’s own topic!!!