2012-07-14 — nakedcapitalism.com
``Chuck Davidson of Wexford Capital has completed a report where he looked at the Spanish banks, extrapolating to all of them from a close look at the big five.. He haircutted their assets by 25%, which hardly seems excessive. Moving from the big 5 to the entire banking system, he came up with 990 billion euros as the capital needed to get Spain's banks to Basel 3 risk weighted capital standards. Madrid, we have a problem!''
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