Must be a sign of the times that 5 billion doesn’t sound such a big deal! The Uk spends 20 billion+ every year on housing benefit. But you do wonder what has happened with Catalunya – it was supposed to be the economic tiger or the equivalent of the UK south-east…
Meanwhile borrowing costs for Spain and Italy continue to dip.
Yields on Spanish and Italian bonds have plunged to three- month lows on optimism the European Central Bank and the single currency’s 17 members will agree on a plan to use short-dated sovereign debt purchases to curb governments’ borrowing costs and win them time to implement fiscal changes.
Perhaps the markets didn’t realise Rajoy is back from his holidays 😉