Daily: More on the unravelling of Europe’s summit agreement

The European Summit which saw an agreement in principle to recapitalise Spain's weakest banks has unravelled in an alarming way. This setback for the Spanish economy and the Spanish government will mean a loss of market funding for Spain. The EU will then be faced with options of whether to monetise Spain's debt or or let it default since Spain is too big to bail out.

Ambrose Evans-Pritchard claims Merkel learned that she broke German law on the ESM rescue and that this is the reason that she...


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