Five days ago the Telegraph reported Santander Buys Struggling Spanish Bank Popular for €1.

The Article called it a "watershed deal masterminded by EU regulators to avoid a damaging collapse."

Reality is quite a bit different as two more Spanish banks are in serious trouble.

First, let's finish some details about Banco Popular from the Telegraph article.

Santander will tap its shareholders for €7bn in a rights issue to raise the capital needed to shore-up Popular's finances in a dramatic private sector rescue of Spain's sixth-largest lender. It will inflict losses of approximately €3.3bn on bond investors and shareholders but crucially will avoid a taxpayer bailout.