Contagion fears drive volatility

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The last two weeks of May had more than a whiff of 2008 about them: volatility spiked across all asset classes, a bank (albeit a small Spanish one) needed to be bailed out, the German government imposed a surprise short-selling ban, and rumours of funding stress electrified trading floors and the corridors of power.

Spain’s banks – and particularly the debt-laden savings banks, or cajas – are the epicentre for much of the anxiety, with one, CajaSur, being bailed out on May 22 and others facing

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