Euro 2012: Spain Wins!
Market Commentary Highlights...
.Spain secured a big win this weekend. While the defending champions in the Euro 2012 soccer tournament were unable to best Italy on the soccer field, Spain fared better against Germany by winning the best European bailout deal yet.
.While Spain is not in the same degree of fiscal distress as the other bailout countries, any contagion to Spain is of concern, since Spain's outstanding government debt is roughly the size of Greece, Portugal, and Ireland combined.
.While Spain's bailout may reinforce the notion held by some that all of the "PIGS" can be lumped together, the loss by Greece in Friday's opening game of the Euro 2012 and Spain's draw is symbolic of how successfully these different countries are dealing with their respective fiscal challenges.
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