The bailout monster is on the loose again

Spain has $28 billion worth of bonds coming due in October. After all this talk about Spain not needing a bailout, suddenly it's bailout time again. They are now talking about a $300 billion bailout of the government on top of the $100 billion already given to Spain's banks! What?? They didn't see this coming a few months ago?? Who suddenly turned on the lights?

http://24hoursgold.com/index.php/european-central-bank/the-extortion-racket-shifts-to-spain

Despite repeated assurances that Spain would not need a bailout, though it already accepted €100 billion to bail out its banks, rumorsfloated to the surface Monday that it would seek a bailout. The price: €300 billion. This would be the topic in Berlin on Tuesday where Spanish Economic Minister Luis de Guindos would meet German Finance Minister Wolfgang Schäuble, the lynchpin in any of this. True to Eurozone bailout form, de Guindos denied the rumors and emphasized again that Spain would not need a bailout.

Spain is desperate. Yields on 10-year bonds hit 7.5%, approaching the point where the high cost of borrowing would lock Spain out of the credit markets. But in October, €28 billion in government debt will come due. Hence de Guindos’ mission in Berlin....

Just like Greece now needs a third bailout, which it is unlikely to get, Spain’s final bailout costs will be far larger than the €400 billion, and far larger than any of the prior bailouts. And then there’s Italy.