Fitch threatens Catalonia with downgrade to junk as Spanish sovereign contingent liabilities mount

Catalonia is the region that was first to announce plans to tap the Spanish government's 18 billion euro bailout fund as the region has been locked out of debt markets. Earlier today, the Spanish government announced that it had obtained 3 billion euros through a private placement with Spanish banks to fund that bailout package. The big Spanish banks, Santander, BBVA and La Caixa will contribute most of the funding.
The reason for the problems have to do with Catalonia's large funding needs. It...


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