Spain Downgraded and Still no Bailout Request

As I wrote last week on the Spanish Bailout, there are no clear reasons on why the government is waiting to submit the bailout request. The speculation is heavy on Germany asking for the request to be held and there is also the argument that it could be based on denial of the size of the crisis by the Spanish government. The Finance Minister talk at the London School of Economics is the perfect example as the crowd laughed as he stated that Spain does not need a bailout.

Bill Gross seems to agree that the statement is ludicrous and adds some advice via twitter: