Full-scale bailouts for Italy, Spain in 6 mnths: Egan-Jones

Spain and Italy need a full-scale bailout from the European Union because of their high levels of government debt and the credit quality of their banks, and will likely seek help within the next six months, according to Sean Egan, Founding Partner and President of Egan-Jones, an independent ratings agency.

Poor credit quality of banks usually goes hand-in-hand with poor government finances as the two institutions are "joined at the hip", Egan told CNBC Asia's "Squawk Box" on Wednesday. That's the case for most countries such as the US, the UK, Switzerland and Ireland; Spain and Italy are no exceptions, he said

Read more: MoneyControl.com, 13 June 2012