Monday, June 11, 2012

Spain pledges to avoid full bailout

Spanish prime minister Mariano Rajoy said the "credibility of the euro won" in Saturday’s request by his government for as much as €100 billion in European Union aid to restructure the nation’s banks.
"Yesterday, the credibility of the euro won, yesterday the future won," Mr Rajoy said yesterday at a press conference in Madrid. "Yesterday, the European Union won." 

Without planned reforms and deficit reduction, what happened on Saturday "would have been an intervention" instead of "the opening of a credit line," Mr Rajoy went on to say.

read details: Irish Examiner


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