KEEP IN MIND that the $125b figure of the Spanish bailout was not the actual amount itself. In fact, the bailout hasn't been requested yet; the agreement last Saturday was that the rescue fund would provide up to those $125b (€100b), depending on what would be the result of the two independent audits that the Spanish government had commissioned, which are due next week. Then the bailout would be formally requested. The consensus was that the actual amount would be lower than that; the EU and Spain wanted to put a figure already, with a safety margin, in order to reassure the markets that they were committed, so to speak.

We now know some more:

An audit of Spain's banks that will show the size of a European rescue should be completed by Monday, two sources told Reuters on Thursday, with one saying the figure will be 60 billion to 70 billion euros in funds to clean up a number of banks.

The audit from consulting firms Oliver Wyman and Roland Berger was due for completion by June 21, but will be moved forward because Spanish Prime Minister Mariano Rajoy wants it in hand early next week to provide details on the banks rescue at the G20 summit in Los Cabos, Mexico, said the two sources.