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Spain Facing the Abyss

“Spain has looked into the abyss,” said Gary Jenkins, head of credit research at Evolution Securities Ltd. in London. “After last week, they cannot assume liquidity will always be there. They have to prove they are worthy of it.” “European officials are still in denial,” Marc Chandler, global head of currency strategy at Brown Brothers Harriman & Co. in New York, wrote in a research note yesterday. “No reason for contagion? Really?”

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