The biggest bailout the European Union will have to do if it comes to it will be Spain and it is worrying that there is not a set mechanism on how to go about it, Cornelia Meyer, CEO & Chairman, MRL Corporation, told CNBC Monday.
At the weekend, euro zone financial ministers and Irish officials agreed on a bailout of under 100 billion euros ($137 billion) for Ireland, sending stocks in Europe and the euro higher, as investors breathed a sigh of relief.
But the next in line for European Union and International Monetary Fund money may be Portugal, and then Spain, analysts said.
"We're getting near the end-game in terms of Ireland, and that was a good bailout, and we did all the right things; but hot on the heels of Ireland we have Portugal and then Spain, and Spain will be the biggie," Meyer said.
She predicted that a Spanish bailout would likely cost up to 500 billion euros; but there is no "real mechanism" to deal with it, Meyer added. (more)
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