"However, the €100bn cited by Fitch for the cost of bailing out...

"However, the €100bn cited by Fitch for the cost of bailing out Spain's banks looks like a conservative estimate when you compare it with some. Ambrose Evans-Pritchard highlights that some economists have begun to doubt whether the EU bail-out machinery can raise such large sums at all:

While the International Monetary Fund thinks Spanish banks require €40bn or so in fresh capital, any loan package may have to be much larger to restore shattered confidence in the country.

Megan Greene from Roubini Global Economics says Spain's banks will need up to €250bn, a claim that no longer looks extreme. New troubles are emerging daily. The Bank of Spain said on Thursday that Catalunya Caixa and Novagalicia will need a total of €9bn in new state funds.

JP Morgan is expecting the final package for Spain to rise above €350bn, while RBS says the rescue will "morph" into a full-blown rescue of €370bn to €450bn over time - by far the largest in world history.

"Where is the money going to come from?" said Simon Derrick from BNY Mellon. "Half-measures are not going to work at this stage and it is not clear that the funding is available."

At http://www.telegraph.co.uk/finance/debt-crisis-live/9318264/Debt-crisis-live.html

My comments:

I think it is fair to suggest that Spain alone needs 450 billion euros, and probably much more.

"Where is the money going to come from?" said Simon Derrick from BNY Mellon."

That should be obvious. It's going to be printed paper, or these days a computer keyboard transaction where billions and billions of dollars and euros are created out of thin air backed by absolutely nothing!