Lex

Bad timing for Spain

Spanish banks may have been granted a bailout but the money isn't expected to land until later in the year, making it a long summer of waiting. The government faces €27bn of maturing debt in October and a fundamental lack of economic growth, which when added to the banks' headaches goes some way to explaining today's tumble in Europe's markets. Lex's Stuart Kirk and Richard Stovin-Bradford look at exactly how tricky things have got for Spain.