Wednesday October 28, 2020

Spain in search of the perfect package deal

The choice facing Mariano Rajoy is to be proactive and presume all the banks are guilty unless proven innocent, or to muddle through and hope for the best, writes Joe Haslam.

9th June, 2012
The leaning banks of Spain: pedestrians pass the Kio Towers, the headquarters of Bankia in Madrid. Photo: Angel Navarrete/Bloomberg

The news that Spain is now negotiating details of a financial aid package for its troubled banks makes it the fourth eurozone nation to seek emergency assistance after Greece, Portugal and of course Ireland.

Despite weeks of protestations to the contrary, the Spanish government has finally grasped the seriousness of the situation. After another week of pressure from Brussels and Frankfurt, they made the decision not to delay further, and to request a bailout while...

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