Spain Accepts Bailout Deal From Europeans for Its Banks - NYTimes.com:
"Before Saturday, Prime Minister Mariano Rajoy of Spain had tried to hold out against the withering pressure of capital markets, which drove up Spain’s borrowing costs, and the lobbying of European leaders, led by Chancellor Angela Merkel of Germany, to come up with a plan to recapitalize the banks hit worst by the bursting of Spain’s property bubble. Mr. Rajoy wanted the rules changed, or at least bent, so the money went directly to the banks and Spain could claim more convincingly it had not received a bailout."
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1 comment:
Media Mentions,
thank you for the link.
I believe that 100,000, 000, 000.00 euros will be better used if given directly to Spanish citizens. They are less than 50, 000, 000 Spaniards there, that will be around 2,000.00 euros for each one. That will be enough to trigger economic activity.
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