
Spanish Prime Minister Mariano Rajoy will gather with other national leaders in an attempt to decide which government costs can be cut. Even if Spain can go to the European Union and International Monetary Fund with a reasonable plan, there is word that the two organizations have been in a battle over which one will have primary authority on matters that determine all bailout rules. According to Reuters:
Officials from Greece and the “troika” of European Union, European Central Bank and International Monetary Fund (explain this) have told Reuters tensions have risen in recent weeks as negotiators wrangle over further budget cuts, with the IMF adamant that Greece reduce its debt further.
Greece is likely to set a precedent for Spain.
Douglas A. McIntyre