WHATEVER the €100 billion ($126 billion) made available by euro-zone countries to recapitalise Spain’s banks looks like, the Spanish government would really rather not call it that. “In no way is this a rescue,” said Luis de Guindos, Spain’s economy minister, while announcing that a deal to rescue Spain’s banks had been done in a two-and-a-half-hour conference call with the 17 euro-zone finance ministers on June 9th. “It’s a loan with very favourable conditions.” The prime minister, Mariano Rajoy (pictured above), who left his underling to front the bail-out, was meanwhile busy giving the impression that all was proceeding as normal. When he eventually appeared before the press the following day, Mr Rajoy made repeated reference to “what happened yesterday”, as if the rescue were an embarrassing incident that, out of politeness, ought not to be mentioned by name. Then he flew to Poland to watch some football.
- Spain to seek billions for bail-out of banks (express.co.uk)
- Spain Accepts Bailout for Its Banks as Leader Warns of Tough Year Ahead (nytimes.com)
- Europe bailout of Spain could cost $125 billion (news.yahoo.com)