Spain falls into troika trap

In the end, Mariano Rajoy was bluffing - Spain is Greece, Ireland and Portugal after all, writes Joe Haslam in Madrid.

14th July, 2012
Spain falls into troika trap
Government employees take part in a demonstration in Madrid last week against the government's welfare cuts. Photo: AP

Even by the standards of a chamber that has bullet holes in its roof, last Wednesday was a dramatic morning in the Congreso de los Diputados, the lower house of the Spanish Parliament.

Enter Mariano Rajoy, prime minister since last December and leader of the Conservative Partido Popular. After a brief introduction to say how much he disliked having to do what he was about to, he proceeded to outline a series of budget cuts...

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