"The countdown to the next Lehman-type event has begun …
"May 25, 2012 — the first major shock: Bankia, one of Spain’s largest banking conglomerates, reveals it needs an additional $23.8 billion to cover massive losses — money which the Spanish government simply does not have.
"Result: Major bank runs, already under way in Greece and Spain, accelerate.
"May 29 — the last nail in Spain’s coffin: Retail sales plunge 9.8%.
"Result: This landmark event is expected to drive the country’s 24.4% unemployment rate to unheard-of levels.
"May 30 — a new, unexpected element to the crisis: The world’s biggest trade credit insurer suspends all new coverage for anyone shipping goods to Greece. ..."