The Spanish PM announced today his country's banking system has collapsed and it's barely caused...

|By:, SA News Editor

The Spanish PM announced today his country's banking system has collapsed and it's barely caused a whisper, writes Adam Button. Being locked out of debt markets isn't "theoretical," PM Rajoy told the Senate, ("it's) happening to the immense majority of regions, our whole financial sector and most big companies." Madrid -3.7%, STD -6.8%, BBVA -7.1%.