Spain Submits to an “Unconditional” Bank Bailout

“Just out from Bloomberg:

• SPAIN AGREES TO SEEK BANK BAILOUT, EL PAIS REPORTS
• IMF WILL SUPERVISE SPAIN BANK RESCUE PLAN, EL PAIS SAYS

And the funniest:

• SPAIN RESCUE DOESN’T CARRY ECONOMIC POLICY CONDITIONS: MUNDO

So Spain has shockingly agreed to a bank bailout without conditions. Has Germany? The chips will commence falling, where they may, shortly. In the meantime, we are days from finding out just what Germany thinks when it has to ratify (that’s right, the ESM has still not been ratified by the one country which will fund the Spanish bailout) a Spanish bank bailout. Without conditions.

From El Pais: ”

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