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Saturday, June 16, 2012
ScienceDaily: Biochemistry News
Friday, June 15, 2012
Facebook stock poised for first weekly gain
By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) ? Facebook Inc. shares were among the tech sector?s notable gainers on Thursday, rising sharply to put the stock on track for its first weekly gain since the company went public May 18.
Facebook /quotes/zigman/9962609/quotes/nls/fb FB +3.74% ?rose nearly 4% to $28.29.
Innovation is what counts in R&D
John Bussey looks at the dramatic ramp-up in research and development spending planned by U.S. and Asian companies, and how spending that money is key. (Photo: Reuters)
For the week, the stock was up 4.4%, after posting three consecutive weekly losses since the social network?s controversial initial public offering last month.
Facebook?s stock still ended down 10% from its IPO price of $38.
The company got a lift from its announcement of a new advertising-bidding system, which one analyst called a positive sign that Facebook was exploring expanding its revenue base.
Dubbed Facebook Exchange, the new system allows advertisers to ?bid in real time on a specific ad impression,? according to the company.
?For example, a travel site may be interested in reaching a person who searched for a flight but did not complete the purchase,? the representative wrote in emailed comments. ?With Facebook Exchange, this travel website can show that person a related ad on Facebook.?
The email stressed that Facebook, which has faced criticism over its privacy practices, does ?not share any user data with advertisers and people still have the same control over the ads they see on Facebook that they do today.?
Facebook has been the subject of speculation on whether businesses actually benefit from ads posted on the social network. That has raised worries about the Menlo Park, Calif.-based company?s ability to grow revenue.
Wedbush analyst Michael Pachter said Facebook Exchange at least shows ?that they are trying.?
?The important thing is that they are mixing it up, trying to find ways to better monetize, and I think that is important,? he wrote in an email.
?I don?t think any of us can know whether allowing access to browser history really makes advertising more effective, but Google
/quotes/zigman/93888/quotes/nls/goog GOOG
-0.36%
?does it and people just love them,? he added. ?It makes sense that this will work for Facebook, and I think that the market is finally seeing signs that Facebook management cares about growing revenue.?
US : U.S.: Nasdaq
Volume: 16.83M
June 14, 2012 4:00p
/quotes/zigman/93888/quotes/nls/goog US : U.S.: Nasdaq
Volume: 2.34M
June 14, 2012 4:00p
Market Cap$183.56 billion
Benjamin Pimentel is a MarketWatch reporter based in San Francisco.
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Looking To File For Personal Bankruptcy? Check Out These Tips!
Posted on Jun 14, 2012 in Personal Finance | 0 comments
Don?t put everything on your lawyer. Your lawyer is the one who knows about the bankruptcy laws, but it is in your best interest to find out as much about the proceedings as you can. You may be tempted to hand over the reins to your attorney, but keep in mind that your future is actually at stake.
Never lie about anything in your bankruptcy petition. Lying on your filing can cause dire consequences such as: delays, penalties, being prevented from re-filing, or even jail time.
Some lawyers have a phone service creditors can call instead of you. When a debt collector calls the number, they will be able to obtain verification that your personal debt is in the process of bankruptcy filing. You should receive no more calls from them.
If you plan to file bankruptcy, do not continue using credit cards. It might be a temptation to buy a lot of things, but the courts tend to look poorly on that. Be responsible and do not incur any further debts. It?s best to start handling your debts responsibly now rather than later.
Look for a bankruptcy lawyer that comes from a personal recommendation instead of someone random on the Internet or in the yellow pages. Companies are constantly popping up, claiming to help, yet only seek to profit from your misery. In ensuring that your bankruptcy is as simple as possible, trusting your attorney makes a big difference.
Do not file for bankruptcy unless you are sure this is the only option possible. Some creditors will settle for lesser amounts on debt, or help you work out a more affordable payment plan. This can be a big boost to your credit rating, and it can save you money. Before filing you should think about getting a loan that will consolidate all your debts.
If you find yourself in a bad financial situation, think back and analyze your mistakes. If you were hit by a bus and racked up hundreds of thousands in medical bills, you?re probably not at high risk for filing again, but if you recklessly maxed out your credit cards, you might want to rethink your habits. Don?t assume that you can handle getting past these things on your own, if you find yourself continuing to do it. Get help.
Chapter 13 bankruptcy might be a good option, so don?t overlook it. With a regular income and unsecured debt below $250,000, Chapter 13 is probably best for you. By filing this way, you can hold onto your home and property, while repaying debts through debt consolidation. It usually takes three to five years to fulfill this plan. When the time is up, you?re unsecured debts will be discharged. Remember, though, that if you fail to make even one payment, the case will be thrown out and you?ll be right back where you started.
Remember that your Chapter 7 filing may affect other people in your life as well. You will be freed of responsibility for debts that you share if you make a successful Chapter 7 filing. This does not dissolve any co-signers of the debt, and your creditors will continue to try and collect from them.
You?re going to need to select an attorney with ample experience dealing in bankruptcies if you?re planning to file. There are a lot of lawyers available to help you. You may think that hiring the chief lawyer is the way to go; however, remember that your fate is in the lawyer?s hands. Hire one with a successful record for handling bankruptcy cases.
Don?t wait until the last minute to file bankruptcy. Often, people try to act like they are not in financial straits. They imagine the issues will blow away, but they do not. Your debt can quickly get way too large, and as a result, you may discover that you must foreclose your home or garnish some of your wages. Consider all possible options before filing bankruptcy.
It is important to consult with an attorney who specializes in bankruptcy if you are headed toward bankruptcy. A qualified attorney can advise you on the necessity of filing, represent you in court and simplify a complex process. Your lawyer could also help you with filling out paperwork and can also teach you how to answer questions.
As you must realize by now, bankruptcy is the topic of many dinner conversations lately because of the economy. By using the information you?ve read here, you can now make sound decisions about your finances and choose the bankruptcy option that will work best for you.
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3 dead, 1 critical after shooting at University of Alberta
EDMONTON, Canada ? Three people are dead and one is in critical condition after a shooting at the University of Alberta campus in Canada.
Police spokesman Scott Pattison says the early Friday shooting was an apparent armed robbery of an armored vehicle or vehicles.
Pattison says the Edmonton campus remains on lockdown, with students told to stay in their dormitories.
Police continue to look for the shooter or shooters. The police spokesman says no students were involved.
The shooting happened in the Hub Mall area, which is a combination of student residences and shops.
It?s the summer session for the university, so fewer students are living on campus.
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Mutations in JAK3 gene identified in subtype of lymphoma provide potential drug target
![[ Back to EurekAlert! ]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_v34RHRlyfhaGBSdT8L4dvNNYxQB6c1CUNKfqLYaNyX1hHPMD5rjjKATNsI_2_6nxBUf8Ib6aWBkui3V0s_ih_u0HQvnDk-wiqpkcbjBio=s0-d){kind=small}
Public release date: 15-Jun-2012[ | E-mail |
Share ] Contact: Jeremy Moore
Jeremy.Moore@aacr.org
215-446-7109
American Association for Cancer Research
PHILADELPHIA A substantial proportion of NK/T-cell lymphomas harbor Janus Kinase 3 gene mutations. Patients with these lymphomas might benefit from treatment with a Janus Kinase inhibitor according to a study published in Cancer Discovery, a journal of the American Association for Cancer Research.
"Very little was known about the genetic and molecular defects causing NK/T-cell lymphoma before we started this work," said Bin Tean Teh, M.D., Ph.D., director of the National Cancer Center Singapore-Van Andel Research Institute Translational Research Laboratory at the NCCS, and professor at the Duke-NUS Graduate Medical School in Singapore. "There is no effective treatment and this type of cancer carries an extremely poor prognosis.
"It is tremendously rewarding to have identified genetic mutations that appear to have an important role in driving the cancer in a considerable fraction of cases. Moreover, we are excited that there is a drug already in phase III trials for the treatment of rheumatoid arthritis that targets the mutant protein. We are in the process of planning a clinical trial to study whether this drug benefits NK/T-cell lymphoma patients," said Teh.
NK/T-cell lymphoma is a very aggressive form of lymphoma. It is particularly prevalent in Asia.
"Many years ago, I and a colleague came to the Van Andel Research Institute in Grand Rapids, Mich.," said Teh. "My colleague unfortunately developed NK/T-cell lymphoma and passed away. It was the only case of this cancer ever diagnosed in Grand Rapids. As this illustrates, it is a relatively rare subtype of lymphoma in the United States, but it is responsible for the deaths of a large number of people in Asia, in particular in China and Korea. It accounts for almost half of all T-cell lymphomas in some parts of Asia.
"The passing of my colleague, whom I was very close to, was the reason that I started studying NK/T-cell lymphoma. It has been a complicated puzzle, but I feel that we have pieced together enough that we will have an impact on a large number of patients with this disease."
To identify genetic mutations that might have a functional consequence, Teh and his colleagues sequenced all the genes in NK/T-cell lymphoma cells from four patients. In addition to mutations in genes known to be associated with cancer, they detected mutations in the Janus Kinase 3 (JAK3) gene in the cancer cells from half of the patients. The researchers conducted follow-up sequencing of NK/T-cell lymphoma cells from an additional 65 patients and identified JAK3 mutations in 23 of those patients.
The mutations enabled NK/T-cell lymphoma cell lines to grow in culture in the absence of the normally essential growth factor IL-2. This meant that the mutations caused dysregulated activation of JAK3, and suggested that JAK3 might be a good drug target.
Consistent with this idea, a JAK inhibitor that is currently being assessed in phase III clinical trials as a treatment for rheumatoid arthritis killed cultured NK/T-cell lymphoma cell lines by a process known as apoptosis.
"We are currently putting together a proposal to test JAK inhibitors as a treatment for NK/T-cell lymphoma with JAK3 mutations," said Teh. "I am hopeful that we might have found a molecular target for the treatment of a least some patients with this otherwise fatal disease."
###
Follow the AACR on Twitter: @aacr #aacr
Follow the AACR on Facebook: http://www.facebook.com/aacr.org
About the AACR
Founded in 1907, the American Association for Cancer Research (AACR) is the world's first and largest professional organization dedicated to advancing cancer research and its mission to prevent and cure cancer. AACR's membership includes 34,000 laboratory, translational and clinical researchers; population scientists; other health care professionals; and cancer advocates residing in more than 90 countries. The AACR marshals the full spectrum of expertise of the cancer community to accelerate progress in the prevention, biology, diagnosis and treatment of cancer by annually convening more than 20 conferences and educational workshops, the largest of which is the AACR Annual Meeting with more than 17,000 attendees. In addition, the AACR publishes seven peer-reviewed scientific journals and a magazine for cancer survivors, patients and their caregivers. The AACR funds meritorious research directly as well as in cooperation with numerous cancer organizations. As the Scientific Partner of Stand Up To Cancer, the AACR provides expert peer review, grants administration and scientific oversight of individual and team science grants in cancer research that have the potential for near-term patient benefit. The AACR actively communicates with legislators and policymakers about the value of cancer research and related biomedical science in saving lives from cancer.
For more information about the AACR, visit www.AACR.org.
[ | E-mail | Share ] ?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Public release date: 15-Jun-2012[ | E-mail |
Share ] Contact: Jeremy Moore
Jeremy.Moore@aacr.org
215-446-7109
American Association for Cancer Research
PHILADELPHIA A substantial proportion of NK/T-cell lymphomas harbor Janus Kinase 3 gene mutations. Patients with these lymphomas might benefit from treatment with a Janus Kinase inhibitor according to a study published in Cancer Discovery, a journal of the American Association for Cancer Research.
"Very little was known about the genetic and molecular defects causing NK/T-cell lymphoma before we started this work," said Bin Tean Teh, M.D., Ph.D., director of the National Cancer Center Singapore-Van Andel Research Institute Translational Research Laboratory at the NCCS, and professor at the Duke-NUS Graduate Medical School in Singapore. "There is no effective treatment and this type of cancer carries an extremely poor prognosis.
"It is tremendously rewarding to have identified genetic mutations that appear to have an important role in driving the cancer in a considerable fraction of cases. Moreover, we are excited that there is a drug already in phase III trials for the treatment of rheumatoid arthritis that targets the mutant protein. We are in the process of planning a clinical trial to study whether this drug benefits NK/T-cell lymphoma patients," said Teh.
NK/T-cell lymphoma is a very aggressive form of lymphoma. It is particularly prevalent in Asia.
"Many years ago, I and a colleague came to the Van Andel Research Institute in Grand Rapids, Mich.," said Teh. "My colleague unfortunately developed NK/T-cell lymphoma and passed away. It was the only case of this cancer ever diagnosed in Grand Rapids. As this illustrates, it is a relatively rare subtype of lymphoma in the United States, but it is responsible for the deaths of a large number of people in Asia, in particular in China and Korea. It accounts for almost half of all T-cell lymphomas in some parts of Asia.
"The passing of my colleague, whom I was very close to, was the reason that I started studying NK/T-cell lymphoma. It has been a complicated puzzle, but I feel that we have pieced together enough that we will have an impact on a large number of patients with this disease."
To identify genetic mutations that might have a functional consequence, Teh and his colleagues sequenced all the genes in NK/T-cell lymphoma cells from four patients. In addition to mutations in genes known to be associated with cancer, they detected mutations in the Janus Kinase 3 (JAK3) gene in the cancer cells from half of the patients. The researchers conducted follow-up sequencing of NK/T-cell lymphoma cells from an additional 65 patients and identified JAK3 mutations in 23 of those patients.
The mutations enabled NK/T-cell lymphoma cell lines to grow in culture in the absence of the normally essential growth factor IL-2. This meant that the mutations caused dysregulated activation of JAK3, and suggested that JAK3 might be a good drug target.
Consistent with this idea, a JAK inhibitor that is currently being assessed in phase III clinical trials as a treatment for rheumatoid arthritis killed cultured NK/T-cell lymphoma cell lines by a process known as apoptosis.
"We are currently putting together a proposal to test JAK inhibitors as a treatment for NK/T-cell lymphoma with JAK3 mutations," said Teh. "I am hopeful that we might have found a molecular target for the treatment of a least some patients with this otherwise fatal disease."
###
Follow the AACR on Twitter: @aacr #aacr
Follow the AACR on Facebook: http://www.facebook.com/aacr.org
About the AACR
Founded in 1907, the American Association for Cancer Research (AACR) is the world's first and largest professional organization dedicated to advancing cancer research and its mission to prevent and cure cancer. AACR's membership includes 34,000 laboratory, translational and clinical researchers; population scientists; other health care professionals; and cancer advocates residing in more than 90 countries. The AACR marshals the full spectrum of expertise of the cancer community to accelerate progress in the prevention, biology, diagnosis and treatment of cancer by annually convening more than 20 conferences and educational workshops, the largest of which is the AACR Annual Meeting with more than 17,000 attendees. In addition, the AACR publishes seven peer-reviewed scientific journals and a magazine for cancer survivors, patients and their caregivers. The AACR funds meritorious research directly as well as in cooperation with numerous cancer organizations. As the Scientific Partner of Stand Up To Cancer, the AACR provides expert peer review, grants administration and scientific oversight of individual and team science grants in cancer research that have the potential for near-term patient benefit. The AACR actively communicates with legislators and policymakers about the value of cancer research and related biomedical science in saving lives from cancer.
For more information about the AACR, visit www.AACR.org.
[ | E-mail | Share ] ?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
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Calif. lawmakers set budget vote as deadline looms
Republican state Senators Joel Anderson, of La Mesa, left, and Bill Emerson, of Redlands, confer during the Senate session at the Capitol in Sacramento, Calif., Thursday June, 14, 2012. Lawmakers are expected to vote on the 2012-13 state budget plan, Friday, to meet the constitutional deadline.(AP Photo/Rich Pedroncelli)
Republican state Senators Joel Anderson, of La Mesa, left, and Bill Emerson, of Redlands, confer during the Senate session at the Capitol in Sacramento, Calif., Thursday June, 14, 2012. Lawmakers are expected to vote on the 2012-13 state budget plan, Friday, to meet the constitutional deadline.(AP Photo/Rich Pedroncelli)
State Sen. Gloria Negrette McLeod, D-Chino, urges lawmakers to approve bill she was carrying that would allow offenders sentenced to jail to get work release credit for participating in education, vocational, and drug treatment programs during the Senate session at the Capitol in Sacramento, Calif., Thursday June, 14, 2012. The measure intended to help sheriffs' deal with a new state law that sends less serious offenders to local jails instead of state prisons, was passed by a 21-14 vote and sent to the Assembly for a final vote. The bill was introduced by Assemblyman Roger Hernandez, D-West Covina, who was later charged with drunken driving himself.(AP Photo/Rich Pedroncelli)
State Senate President Pro Tem Darrell Steinberg, D-Sacramento, talks with reporters about the state budget at the Capitol in Sacramento, Calif., Thursday June, 14, 2012. Steinberg said there are still some issues concerning welfare to settle between state lawmakers and Gov. Jerry Brown on how to close a $15.7 billion shortfall, but the 2012-13 spending plan will be brought up for a vote in the Legislature, Friday, to meet the constitutional deadline.(AP Photo/Rich Pedroncelli)
Assembly Speaker John Perez, D-Los Angeles, left, talks with Assembly Minority Leader Connie Conway, R-Tulare, at the Capitol in Sacramento, Calif., Thursday June, 14, 2012. Lawmakers and Gov. Jerry Brown are still at odds on how to close a $15.7 billion shortfall, the 2012-13 spending plan will be brought up for a vote in the Legislature, Friday, to meet the constitutional deadline.(AP Photo/Rich Pedroncelli)
SACRAMENTO, Calif. (AP) ? California lawmakers have scheduled a Friday budget vote on their plan to balance a $15.7 billion deficit as they run up against a constitutional deadline or risk losing their pay.
With Gov. Jerry Brown refusing to sign off on their plan, Democratic leaders said they would work on two tracks to pass a budget and continue negotiations with him on several sticking points, particularly on welfare cuts.
Democrats are urging the governor to back off from plans to cut programs that assist the poor, but Brown maintains the reductions are needed to help bring the state back to fiscal balance. Democrats, in turn, are resisting deeper cuts to the state's welfare-to-work program known as CalWORKS; child care assistance for low-income families; in-home supportive services; and eliminating Cal Grants for students who attend private colleges.
Both sides also disagree how to distribute money to local governments that once went to community redevelopment agencies.
"We are continuing to work and continuing to talk, and I still believe that the differences are bridgeable," Senate President Pro Tem Darrell Steinberg said Thursday.
The Legislature faces a Friday midnight deadline for passing a balanced spending plan for the fiscal year that begins July 1. Democrats said they intend to pass the main budget bill, which will keep their paychecks flowing.
California lawmakers do not receive pensions but are the highest paid in the nation with a base annual salary of $95,290. Nearly all receive additional tax-free per diem payments of about $30,000 a year. Lawmakers are scheduled to see their pay cut 5 percent, or down to $90,525, starting Dec. 3.
On Thursday, Republicans sent letters to the state controller and treasurer asking them to verify whether the Democrats' budget proposal is balanced even though they have no authority over legislative pay.
Last year the governor vetoed the budget passed by Democrats calling it unbalanced. The state controller withheld 12 days' pay but a judge has since found that the controller has no authority to block paychecks because it violated the separation of powers clause of the California Constitution.
Steinberg said the majority party plans to pass several companion bills but will delay voting on more contentious issues such as Brown's request to release financing for construction on the first leg of a bullet train in the Central Valley.
Brown spokesman, Gil Duran, said, "discussions are ongoing."
Democrats agree with the governor on most aspects of his $91.4 billion spending plan. Both sides assume that voters will approve Brown's initiative on the November ballot to raise the sales tax by a quarter cent and increase income taxes on people who make more than $250,000 a year.
Brown has also proposed a 5 percent reduction in state worker pay that still must be negotiated with unions and he wants savings from the state's Medi-Cal program, which provides health insurance for low-income families.
Sen. Noreen Evans, D-Santa Rosa, said Democratic leaders have been working with Brown to try to avoid a budget veto.
"I'm very hopeful," she said. "The differences are so minimal that at this point I'm hopeful that he will sign it immediately."
Republican lawmakers, who have been sidelined from negotiations because Democrats can pass the budget on a majority vote, said the budget was not released in time for a comprehensive review. They criticize the overall spending plan, saying it lacked public pension reform or a spending cap to control government spending.
"It's sad, because there are no reforms in this budget," said Sen. Sam Blakeslee, R-San Luis Obispo.
Democrats put out a plan this week that doesn't save as much as the governor proposed. They sought to minimize the amount of cuts they have to make by slashing his proposed reserve fund from $1 billion to about $500 million.
Brown is proposing to cut $880 million from CalWORKS by establishing different levels of support that reward parents for working and reinstitute tougher work requirements.
Democratic lawmakers and advocates fear the changes would drive more families into homelessness because it includes welfare cuts by as much as 27 percent. They countered with a proposal to cut $428 million by extending existing cuts to counties to provide work training and child care.
Democrats also oppose Brown's plan to cut $225 million from the In-Home Supportive Services program, which helps disabled and sick people continue living at home. Brown wants to eliminate services for people who do not live alone and cut by 7 percent the number of hours of help they are eligible to receive.
Democrats are only willing to extend an existing 3.6 percent cut, which would save $90 million.
More than three dozen people have been arrested at the state Capitol this week in protests over cuts to home health care and other programs for the needy.
Associated Pressxavier joan crawford joan crawford john goodman kendall marshall whitney houston news sylvia plath
Sunday, June 10, 2012
Spain could ask for bank bailout this weekend
MADRID (AP) ? Spain could ask for a rescue of its struggling banks this weekend when European finance ministers hold an emergency conference call Saturday to discuss the country's financial problems, a move that would make it the fourth member of the 17-nation eurozone to seek outside help since the continent's debt crisis erupted two years ago.
The ministers will discuss a potential rescue package for Spain as pressure mounted on the country to prop up the banks hurt by toxic assets after a property boom went bust.
A new report from the International Monetary Fund estimated Spanish banks need a recapitalization injection of at least ?40 billion ($50 billion) following a stress test it performed on the country's financial sector. That report came out early Saturday, three days ahead of schedule, underscoring the urgency of the situation.
Spain, as of early Saturday afternoon, had not asked for help, "but we want to prepare if the call comes," said Guy Schuller, a spokesman for Luxembourg Prime Minister Jean-Claude Juncker, who chairs the meetings of eurozone finance ministers. Spanish officials neither confirmed nor denied a request for a bailout was imminent
A phone call among senior officials Saturday morning meant to prepare the finance ministers' call ended without a formal request from Spain, an EU official said. He spoke on condition of anonymity because he was not authorized to release the information.
Spain's Development Minister, Ana Pastor, did not tell reporters Saturday whether the country would ask for a bailout but said: "What we're working on at the moment is the recapitalization of the financial entities that need it, nothing else."
While Spain has said it is waiting for two independent audits ? due by June 21 ? before requesting a bailout, pressure is mounting on the country to act faster.
"The solution will have to be found quickly," Juncker told German public radio station Deutschlandradio.
In an interview published Saturday, the head of Germany's central bank, Jens Weidmann, called on Spain to tap Europe's bailout fund, the EFSF, to prop up its banks.
"If Spain is overwhelmed by the financing need, it should use the instruments created for that case," he was quoted as telling Germany's Welt am Sonntag paper. "The motto cannot be to avoid using the rescue fund at all costs."
If it does request a bailout, Spain would become the fourth eurozone country to do so since the continent's debt crisis touched off two years ago. The three countries that have received rescues thus far ? Greece, Ireland and Portugal ? are fairly small, and many have worried that bailing out much-larger Spain could call the entire euro project into question. Cyprus, also a small economy, could also be forced to seek a bailout soon.
While Spain's government seems fairly resigned to asking for help, the big question remains how much its banks need, with estimates ranging between the IMF's own ?40 billion to as much as ?100 billon. The size is important because the rescue, if asked for, must be big enough to make it credible but not so big that investors worry Spain won't be able to pay it back.
Investor doubts about a country's ability to maintain its debts can lead to higher borrowing costs, which in turn undermine the government's ability to finance itself. That's what pushed Greece, Ireland and Portugal to take bailouts.
But Spain itself is generally considered too big to rescue. Spain's economy is bigger than those of the three previous eurozone countries that sought bailouts combined.
Spain initially tried to get European leaders to directly funnel aid to the banks so the government wouldn't have to ask for it and suffer the stigma of being lumped in with the other countries that asked for outside help.
But Germany, Europe's paymaster, dashed that idea. So Spain is trying for a "light" form of a bailout only for its banks under a measure approved by Europe last July. That allows the European Union to lend money for the purpose of recapitalizing banks in countries not already receiving bailouts.
The rules say the money has to be funneled through the government. But conditions attached to the bailout would not have to be as over-arching as those attached to bailouts of government finances.
Spain was hit Thursday with a downgrade of its credit rating to just two notches above junk by credit rating agency Fitch, which estimated Spanish banks may need as much as ?100 billion ($124.7 billion). Then on Friday, Moody's Investor Services warned it could downgrade Spain and other countries in the eurozone.
Moody's said Spain's banking problem is largely confined to that country and not likely to spill over to other eurozone nations, with the exception of Italy ? where the European Central Bank has already stepped in to buy government bonds as a way to help lower the country's borrowing costs.
Spain has been criticized for being too slow to set out a roadmap to resolve its problem. European business leaders and analysts have stressed that Spain must find a solution quickly so that it is not caught up in any market turmoil sparked by the Greek elections on June 17. There are concerns that anti-bailout left-wing party Syriza could become the largest party in the Greek parliament, putting the country's membership in the eurozone at risk.
But others said it's more important for Spain to correctly assess how to shore up its banking system than it is to hurry into a bailout ahead of the Greek elections. The audits that Spain's government is waiting for are crucial to determining precisely how much capital the nation's troubled banks need, said Mark Miller, an analyst with Capital Economics in London.
"Any notion of rushing, that would be very unwise, in fact I think it could make things much worse," he said. "I think it's important to get it right rather than simply say that there is a rather appealing idea of a one-week window of opportunity, relative to getting a solution ahead of Greek elections."
If Spain doesn't get a request for outside help right the first time, "then you are in second bailout territory," Miller said.
Working in Spain's favor is the fact that its public debt is actually quite low, at 68.5 percent of its gross domestic product at the end of 2011.
Its debt is predicted to hit 78 percent by the end of the year, but even that figure would be below the debt-to-GDP ratios of Europe's strongest economy, Germany, which is at 82 percent.
But Spain's in its second recession in three years, with unemployment at nearly 25 percent and little hope for improvement this year. Prime Minister Mariano Rajoy's government has imposed a wave of austerity measures since he took office in December that have raised taxes, made it cheaper to hire and fire workers and cut government funding for education and health care.
___
Associated Press writers Juergen Baetz in Berlin, Sarah DiLorenzo in Paris and Slobodan Lekic in Brussels contributed to this report.
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