Bill Gross On Spanish Bond Auctions

Bill Gross, CIO of PIMCO the world's largest bond fund, spoke with CNBC today regarding Spain which he calls a "tumor" on the Eurozone. He feels that it is tough to get a real read on bond auctions because so much debt is being purchased by Spanish banks. The banks in Spain that are purchasing the government debt (with money given to them from the European Central Bank "ECB") are bankrupt and will need a bailout from the Spanish government. The money to fund this bailout will come from government bond auctions sold to.......Spanish banks. Sounds a little fishy you say? Just wait until the ponzi scheme unravels.