Cyprus Crisis: Spain on life support, but for how long?
If letting the banks fail is going to become accepted practice, it presents a very serious problem for the Spanish economy, writes Joe Haslam in Madrid.
Spain didn't save itself from a full troika bailout - Mario Draghi did. Draghi's July 2012 London speech, where he promised to do "whatever it takes" to save the euro, brought down borrowing costs and enabled Spain to fund itself for the rest of the year at reasonable rates without having to formally request ECB intervention in the debt markets.
Spain didn't even hit the agreed 2012 deficit target. Its real deficit was ...
