Irish Times. Spanish splits. 28.09.2012
The June EU summit, with its apparent endorsement of direct recapitalisation of troubled Spanish banks via the ESM, significantly eased the intolerable pressure that the bond markets had been putting on Madrid. It appeared that the central strategy of the prime minister, Mariano Rajoy, was succeeding. His priority has been to avoid a troika “rescue” that would explicitly impose economic conditions and erode Spain’s sovereignty. So he has implemented a very severe austerity programme, further reinforced by the harsh measures in yesterday’s budget proposals.
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