Irish Times. Spanish splits. 28.09.2012

Spanish splits

IF THE EU regarded Spain’s problems with deep concern at the start of the summer, Brussels must view the country’s multiplying crises as the autumn advances with high anxiety. Yet there has been some apparent improvement in the root issue, securing Spain’s solvency.

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.

Read the full article here.

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Posted on October 16, 2012, in BY COUNTRY, BY DATE, BY LANGUAGE, BY SOURCE, English, Ireland, Irish Times, september 2012. Bookmark the permalink. Leave a comment.

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