Spanish bailout is a 'temporary solution' only

JP Morgan Global Strategist Tom Elliot says the Spanish bailout is a temporary solution that is "useful" but not long-term. Mr Elliot says the bailout has stopped a fully blown "systemic European banking collapse" that limits the risk of contagion.

Mr Elliot says the bailout is like "two drunks propping each other up": it is not sustainable and the collapse of one must be engineered.