SCOREBOARD: Spanish spin cycle

Spain's bailout request was well anticipated, but that didn't stop markets bleaching as the news became tangible.

If it looks like there was nothing much driving the downward moves on the stock market last night and, well, that’s because there wasn’t. Nothing major at least. Cyprus requested a bailout, as the deal they were working on with the Russians fell through and so they’ve had to formally request aid – €2-3 billion. Spain also put their request in, but no amount was announced. None of these events were unexpected by the way, but, and as I mentioned yesterday, it was enough that the actual announcement effect could cause havoc, despite being well flagged – and not needed in the case of Spain.

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