Going to Extra Time; The Spanish Bail-out  

Oleh:

[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 403 no. 8789 (Jun. 2012), page 24-26.
Topik: Bailouts; Banks; Foreign Aid; Economic Policy; Politics

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.72 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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The one way Spanish prime minister Mariano Rajoy refused to describe the pledge of EUR 100 billion ($125 billion) from other euro-zone countries to recapitalise Spain's banks was as a "bail-out". Nor was it a rescue, the economy minister, Luis de Guindos, insisted; just "a loan with very favourable conditions". Regardless of the conditions, the outcome was less than favourable. The package had been put together during a series of rushed videoconferences of euro-zone finance ministers on June 9th. What is certain is that a need to calm markets before the Greek election on June 17th piled on the pressure. The markets were not calmed. By June 12th bond yields were higher than they have been since the country adopted the euro in 1999; if they stay that high for long the kingdom of Spain itself would need a bail-out. Even without government circumlocution, enough was fuzzy about the deal to have investors worried. Yet some things were clear: while Spain now has a plausible plan to recapitalise its banks, the new money does little to resolve the Spanish economy's other fundamental problems.

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