Mr Guindos is to the best of my knowledge an ex Morgan Stanley or Goldman Sack’s. He knows very well how the city works and is not stupid to think that he could convince the city to pay for over valued assets.
I saw an interview with De Guindos yesterday in the City on CNBC. He said Spain did not need a bailout either now or later. That caused some amusement to the audience who burst out in laughter, much to his embarrassment. Never underestimate the stupidity of the political class. 🙂
I don’t believe for a second that de Guindos agrees with what he said at that point. He’s obviously under instruction from Rajoy, in order to continue that baffling brinkmanship he practices. A cynic would suggest their contacts are playing the market..