Rajoy’s humiliating defeat to Merkel narrows options to sovereign bailout, monetisation or default for Spain

German Chancellor Angela Merkel is a brilliant political tactician. After the latest EU Summit, it seemed she had capitulated after being rounded on by France's Hollande in an effort by Italy's Monti and Spain's Rajoy to prevent the market for their government debt from collapsing. The talk was of a Spanish bank bailout with practically no strings attached. Understandably, Mariano Rajoy was speaking of the summit as a clear victory for Spain while Angela Merkel was pilloried in the German press....


As this site is now reader-supported via Patreon, the remainder of this article is only available to subscribers at a specific patronage level. Articles at patronage levels BRONZE, SILVER, and GOLD are denoted by the categories in blue capital letters above the post. Posts categorized DAILY are available to both SILVER and GOLD patrons.

Click here to join. Your readership is greatly appreciated!

Registered users can log in by entering details here or below.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More