Cramer noted that ever since Banco Santander bottomed and started to rally in late July, it pushed the stock market higher, too. Banco Santander has been able to raise money in its Latin American markets and the bond market, too, but Cramer thinks its stock has been able to rally because its a proxy for whether the Germans will help save Spain.
"If the Germans are actually cooperating with the faltering nations of Europe, then we will avoid a Lehman-like failure. If they don’t cooperate, well, we don’t want to know what will happen, but suffice it to say that about 100 percent of this latest ten percent rally in the S&P came because Germany changed its mind, becoming the rest of Europe’s savior rather than its scourge. And Banco Santander’s stock telegraphed the entire rally."
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