Europe may have sidestepped its latest catastrophe, at least for the moment, by hammering out a €100 billion bailout plan for Spain’s failing banks over the weekend.
But the intervention will do little to address the problem that continues to plague the Continent’s increasingly vulnerable financial institutions. Namely: a longstanding addiction to the borrowed money that provides the day-to-day financing that they need to survive.
Addicted to Bailouts.
- Spain to Seek Bailout for Banking Sector (abcnews.go.com)
- Europe Bailout for Spain’s Banks Could Cost $125BN (world.time.com)
- Spain seeks assistance for ailing banks (latimesblogs.latimes.com)