Spain to Release Bank Audit

Thursday, 21 Jun 2012 | 2:15 AM ET

"Reports are indicating that we could see a hole of about 70 billion, if we put this in perspective this would mean that to bail out its banks Spain would be spending close to eight percent of GDP, a lot, but it's not as alarming as it may seem," Gayle Allard, professor of managerial economics at IE Business School, told CNBC.