On Spain’s overestimating bank profits and more on Apple’s patent wars

Here's a second batch of links.

I think the Bloomberg piece on Spanish banks is a big highlight here. Essentially, Bloomberg tells us that Spain may be overestimating bank profits and therefore underestimating the capital shortfall of its banks. I believe this is the correct analysis and it is a primary reason to believe that the euro summit deal we just witnessed isn't that big of a deal. The data on Spain is generally worse, but we did see a nice uptick in employment in Spain last month. Moreover, tourism in Spain is doing pretty well, in contrast to in Greece where the riots have scared tourists away. But at the end of the day, we see house prices still falling in Ireland and this strongly suggests - as Spain is further behind the curve than Ireland - that Spain has more property pr...


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