2012-06-08 — telegraph.co.uk
There will be a sovereign bail-out for Spain from the EFSF rescue fund. This is disguised (very slightly) by paying the money into Spain's state restructuring fund for banks FROB rather than the treasury, but that changes little.
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Germany has not blinked at all. It has refused to mutualise EU bank debt. Nothing has changed. We are not one inch closer to eurobonds or debt pooling or any form of fiscal union.
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Once the EFSF starts lending to Spain it will subordinate other creditors 'a la Grecque'. Who will buy Spanish debt in such circumstances?
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