A Spanish time bomb for Aussie banks

Even if Spain explodes, there's a good chance of holding off a full-scale European disaster for now. Either way, Australian banks have three years to set in place their own protection.

In simple terms, Spain has already been through a long period of austerity. If a full-scale European bailout is now required the cuts will become even deeper. Spain is a country that has deep divisions in good times. There is a good chance that it will explode and with that explosion will come a split of the euro, with devastating effects on the European banking system. European bank stocks were hammered last night.

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