Well that didn’t take long. The ink on the #Spailout is not dry yet (well technically there is no ink, because none of the actual details of the Spanish banking system rescue are even remotely known, and likely won’t be because when it comes to answering where the money comes from there simply is no answer) and we already have an answer to one of our questions.
Recall that mere hours ago we asked: “We also wonder how will Ireland feel knowing that it has to suffer under backbreaking austerity in exchange for Troika generosity, while Spain gets away scott free.” We now know. From the AFP: “Ireland wants to renegotiate its rescue plan to benefit from the same treatment as Spain, which looks set to win a bailout for its banks without any broader economic reforms in return, European sources said on Saturday.” And with Ireland on the renegotiation train, next comes Greece.
Only with Greece the wheels for a bailout overhaul are already in motion and are called a “vote of Syriza on June 17.” And remember how everyone was threatening the Greeks with the 10th circle of hell if they dare to renegotiate the memorandum? Well, Spain just showed that a condition-free bailout is an option. Which means Syriza will get all the votes it needs and then some with promises of a consequence free bailout renegotiation. In other words Syriza’s Tsipras should send a bottle of the finest champagne to de Guindos – he just won him the election.
- How Ireland Can Leave The Euro: One Expert’s View
- Here’s Something That You Will Not Find Elsewhere – Proof That Ireland Will Have To Default…
- Greeks Sought Irish Central Bank Counsel. No, Seriously!
- Ireland’s Bailout Is Finalized, The Indebted Gets More Debt As A Solution But The Fine Print Is Glossed Over – Caveat Emptor!
- EFSF Cash For Irish Bailout Running Out
- Spanish PM claims bank bailout ‘triumph’ amid eurozone crisis (guardian.co.uk)
- German Opposition Threatens To Scuttle ESM, And Spanish Bailout, Ratification (zerohedge.com)
- Spain seeks bank bailout of up to €100 billion (thetimes.co.uk)
- Spain IS Greece After All: Here Are The Main Outstanding Items Following The Spanish Bailout (zerohedge.com)