The EU Gives Spain Some Time and Monetary Crumbs

Being touted as lifelines the EU will give Spain more time to work out its deficit problems and direct aid from its euro zone rescue fund.

This is more of the same attitude we have seen in the past. Giving time to work out an over blown deficit when your already in the whole is a non event. Will Spain impose austerity ? Can they impose enough to make a difference ? More likely this is a move to make Germany not look like the bad guy.

Finally the direct support from the EU rescue funds is what we have seen all along and have we a success in the PIIGS ?

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