Why the Spanish Memorandum of Understanding is a disaster for Spain and Europe

We now know that Spain has received a standard bailout package like Greece, Portugal and Ireland before it despite attempts by the Spanish government to dress this bailout up as something different. Below is a quick analysis of just what Spain and the Troika have signed up to.

Just to review the rhetoric on the deal first, let's remember what led to the deal and how this deal was advertised over the past two weeks. I have bolded the key parts:

Reuters - 7 Jun: Fitch slashes Spain ratin...


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