Nobel laureate: Spanish collapse is not affordable

The European Union does not have sufficient resources to save Spain in case of exacerbation of its debt problems, and then the euro as a single currency will most likely come to an end, the 2010 Nobel Prize for the Economics of 2010, Christopher Pissaries, said the Finmarket agency .

“If a collapse in Spain comes in the image and likeness of Greek, I don’t think that the European Union is enough resources to save it. I doubt that the stronger European states, in particular, Germany, will or want to allocate such funds,” the Portuguese newspaper Jornal de NegoCios quotes the performance.

Spain on Thursday will hold a 3 billion euros bond, which will show how much it is able to independently attract finances in the debt market, Bloomberg reports.

In the next 4 months, banks in Spain will have to repay loans for 30 billion euros. In total, in 2011, Spain will require debt financing for 157 billion euros.