Spain continues to suggest that it does not need a full bailout to survive financially. Its actions today say otherwise. According to The New York Times, Spain took a $125 billion aid package from Europe, after financial ministers from the region approved the deal.
As the Times points out, the amount is beyond the immediate needs of the country which is in the middle of a second recession in five years, and continues to struggle with 25% unemployment. It is hard to make a case the Spain’s economy will not get much worse before it improves.
The aid, may, stop the anxiety the global capital markets have about the Europe crisis, but there is an equal chance, based on recent history, that the sum will be viewed as inadequate because Portugal and Greece may need larger bailouts than the ones they have received, and there are ongoing forecasts that Italy will also eventually falter.
Douglas A. McIntyre
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