Citi Says European Bailout Fund Needs to Be Increased by 1 Trillion Euros For Spain and Italy

Citigroup says European bailout fund (Europe’s Financial Stability Facility") needs to be increased by about E1T to accomodate Spain and Italy. From page 1 of the 28-page report:

"Our economists believe the EFSF will need to be upsized to at least €1tn given that the 2011-13 gross funding needs for the peripheral countries amount to €1.76tn"

And U.S. banks report a phantom $1T in interest income. What's a trillion these days..