Spain still feeling the pain

New evidence has led to problems for prime minister Mariano Rajoy, but the real problems for Spain are the banks, writes Joe Haslam.

20th July, 2013
Luis Bárcenas, former Partido Popular treasurer, changed his evidence.

The last two summers have been especially busy ones for the prime ministers of Spain. In 2011, under the Socialist government of José Luis Rodríguez Zapatero, bond yields rose dramatically in the eurozone periphery on fears the Greek bailout would come unstuck. Then last year the Spanish banking sector had to be bailed out, thus averting a full bailout that no one wanted to see on account of Spain's size.

After Brussels had...

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