Spain is turning into the new Greece, and Mariano Rajoy has himself to blame

With Spanish yields destined for the stratosphere, riots in the street, secession fever in Catalonia, threats of a sovereign downgrade, Friday’s publishing of banking sector audits and Rajoy’s determination to keep his job, it all adds up to a pile of you know what…

For Spain a bail-out now looks inevitable as Spain’s PM is forced into a corner.

More ... Damian Reece in today’s Telegraph