The perils of bailing out Spain

14 Jun 2012

It’s one thing when the eurozone rescues 6% of its GDP, but quite another when it starts propping up a further 12%. As Nicholas Spiro writes, when Spain starts to flirt with insolvency, all sorts of nasty things can happen.

Last weekend’s decision by the Spanish government to request external financial assistance is the most significant and alarming development in the two-year-old eurozone crisis. What started out as a case of gross fiscal mismanagement in a country accounting for just 2% of eurozone GDP has ...

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