NEW YORK ( TheStreet) -- If there was a doubt about it, there isn't any more. The European debt crisis is not simply a Greek phenomenon. Spain is the focus now. Spain (sovereign and private) owes foreign investors roughly $1.1 trillion. In comparison, Greece's external debt is closer to $236 billion.Besides the news that everyone is now aware of (a savings bank taken over by the central bank over the weekend, the merger of four additional banks and the IMF's warnings), two other developments are noteworthy.
Spain Is the Pain
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