Spanish minister: Spain on the hook for bank bailout, creditors won’t be subject to losses

Apparently refuting the talk yesterday that holders of junior debt in Spanish banks will be subject to losses.

This also confirms that the Spanish bank bailout, as it stands now, does not break the link between the sovereign and the banks. They both go down the drain together…

Spanish banks will need no more than EUR 62 bln for restructuring, De Guindos tells the German press.

EUR/USD consolidating losses at 1.2190.