According to a leading European fund manager.
Fidelity Worldwide Investment Equity CIO Dominic Rossi said..
“I don’t think it will be long before Spain will need to seek official assistance in the recapitalisation of its banks from both the European Central Bank and the International Monetary Fund.” he said.
Rossi is in charge of £155 bln of assets at Fidelity and believes that UK banks are in better shape to cope than most , having already taken steps to boost their capital and reduce exposure to sovereign debt.