It doesn't make sense. There isn't a centralized European currency system so there aren't 'European Banks', there are just Spanish banks, French banks, German banks etc. That's precisely the problem. Since Spain has no direct control over the value of its currency, and it's having economic hard times, it can't devalue it's currency so is paying out high interest in government bonds to fund its deficits.

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13