It is emission that has used the Spanish sector to finance (mortgage bonds) and that nobody now wants to buy abroad even if they theoretically the highest rating of solvency (the call triple A), solvency that suffer successive revisions downward until the 2012. This coupled with the substitution of the traditional economic doctrine of the budgetary balance of the State by the endemic deficit (a practice which by mimicry adopt councils and autonomous communities) will contribute to the risk premium increase and credit is still not flowing normally to real interest rates, which together with the entry into deflation of the Spanish Economy and the lowering of the qualification of the State debt could exacerbate the obvious risk of stagnation of the economic downturn in the Spanish economy and the increase in the difficulties to obtain external financing. Finally, the implementation of policies of rationalization of services and optimization of results will accelerate predictable mergers of savings banks more exposed to real estate assets and closure of countless loss-making branches up to draw a scenario of five large boxes (operation that would have the blessings of the Bank of Spain), not being disposable longer-term banking mergers.. Lone Star Funds is the source for more interesting facts.