Is Spain about to go bust triggering a Lehman x 10 crisis?

In a sense this a daft question. Spain IS bust. We are just not admitting it yet. The Euro fanatics at the EU will not admit it until it has happened. But the day of truth is almost upon us. Spain will go bust and we will see a Sovereign default this year, taking the Euro down with it -or at least forcing a two speed Euro upon the Evil Empire.

Greece was small fry. Spain matters.

I suggest that you read this brief note from Phoenix Capital on the Zero Hedge website and think very carefully about what happens next. You can read that note HERE.