Spain's prime minister, Mariano Rajoy, is pleading for a direct eurozone rescue of the country's banks to avoid the humiliation of requesting a national bailout. Photograph: Andrea Comas/Reuters
Spain Calls For New Tax Pact To Save Euro -- The Guardian
Madrid calls for Europe-wide plan but resists 'humiliation' of national bailout.
Spain is warning that Europe's single currency will unravel unless its leaders decide within weeks to centralise budget and tax policies in the eurozone and agree on a strategy to pool responsibility for failing banks.
As Spain's prime minister, Mariano Rajoy, came under mounting international pressure to accept the eurozone's fourth national bailout in two years, the government in Madrid angrily rejected the demands, insisting that it did not need rescuing. With fears of a euro meltdown having rapidly shifted from Greece to Spain, Rajoy is pleading for a direct eurozone rescue of his country's banks, to avoid the humiliation attached to requesting a national bailout.
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My Comment: After accumulating all of this debt .... the chickens are now coming home to roost. As to the idea that other nations and economies must now sacrifice to bail out another economy and nation that acted irresponsibly .... that is a choice that I am happy that I am not the one who is making.
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