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Mundell: Spain Will Need a Bailout

Monday, 30 Jul 2012 | 2:00 AM ET

Robert Mundell, Nobel Prize winning economist, told CNBC, "Spain is going to need a bailout I think it's quite clear, because there is potentially a sovereign debt problem for Spain, there is a debt problem for the regional structure of the Spanish system and there is a banking problem, so there are three problems."