While many see it as positive that at least a temporary rescue for the Spanish banking sector has been agreed on much quicker than previously thought and therefore managed to remove some uncertainty for the time it still remains unclear if the amount agreed on actually will be enough.

Currently Spain is awaiting the results of an independent banking audit, these results will provide Spain with an exact figure of how just much money indeed will be needed, unfortunately however they are not expected to be finalised till possibly the end of July.

Also relief concerning Spain’s banking rescue could be rather short lived with Greek elections now less than a week away and expected to take centre stage once again very soon.

Markus Huber - Head of German HNW Trading - ETX Capital
www.etxcapital.com