According to this post by Zerohedge on the latest Spanish bank bailout and also the Greek calamity:
I pointed out that the total debts of [Greece] stood at $1.1 trillion and, since then, have gotten bigger even after the PSI took place. In fact, Greece borrowed $130 billion to pay off $105 billion and the ECB/EIB and the IMF refused to take the hits. Now just the country, the sovereign, owes $517 billion to various parties both public and private which is not only an astronomical number for a country of this size, about the same as the total GDP of Switzerland...
He continues:
Greece is now long past the point where growth or Inflation can bail it out. The Europeans have played this game very badly in the attempt to hold the coalition together. The can kicking, heralded by so many as an achievement, has actually exacerbated the situation from a travesty to somewhere out past a calamity and there is no longer any way out without fiscal pain of the most serious kind whether Germany refuses additional funding or whether Greece opts out for their own reasons. We sail at the center of the maelstrom and the markets, quite soon in my view, will one day waken to the “Oh My God” moment which everyone has tried so hard to avoid. There is no longer any way out!
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