Spain’s 2013 burden likely to force 2012 bailout

Spain drew plaudits for its approach to funding in the first half of the year. It front-loaded its borrowing programme in style to take advantage of the European Central Bank’s Long Term Refinancing Operations, running bigger auctions than it had ever known. But it may all have been in vain. Bankers now suspect that Spain will have to go cap in hand to Europe for assistance before the year is out. Ralph Sinclair reports.