http://stockuponcannedgoods.blogspot.com/2012/04/spain-is-ok.html
Spanish Economy Minister Luis de Guindos ruled out seeking a bailout hours before Standard & Poor’s cut the country’s credit rating to three levels above junk and a report showed unemployment jumped close to a record.
“Nobody has asked Spain, either officially or unofficially” to turn to Europe’s bailout mechanisms, he said in an interview in Madrid late yesterday. “We don’t need it.”
The Economist, June 10, 2012:
Whatever the €100 billion ($126 billion) made available by euro-zone countries to recapitalise Spain's banks looks like, the Spanish government would really rather not call it that. "In no way is this a rescue," said Luis de Guindos, Spain's economy minister, while announcing that a deal to rescue Spain's banks had been done in a two-and-a-half-hour conference call with the 17 euro-zone finance ministers on June 9th. "It's a loan with very favourable conditions."
Turns out Spain needed $126 billion, at least for now. "...very favourable conditions"? Ok, now let's see what Portugal and Greece have to say about their bailouts and the conditions that came with them.
But fret not, everything is fine in Spain, because remember, it's the banks that generate all economic productivity in a country, right? And drive unemployment down?
Source: http://www.economist.com/blogs/newsbook/2012/06/spains-banks
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