Re: Re: How long to a full bailout

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DBMarcos99
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The truth has come out – seems it wasn’t Rajoy failing to ask for the bailout after all, but the Germans telling him they wouldn’t be in a position to approve the funds

http://elpais.com/elpais/2012/12/16/inenglish/1355688022_411876.html

Prime Minister Mariano Rajoy told union leaders earlier this month that Germany had dissuaded Spain from asking the European Union for a full bailout because Chancellor Angela Merkel believed that it would be difficult to reach a consensus for approval.

Given that, Rajoy has played a blinder for once. he convinced the markets that Spain was just about to ask for the bailout – which resulted in lower borrowing costs compared with the 7% of summer.