LONDON — Cyprus’ bailout deal is the fifth agreed on so far in the 17-strong group of European Union countries that use the euro since the debt crisis began in late 2009.
Here’s a look at the rescue programs:
The head of Austria's central bank, Ewald Nowotny, and German finance minister Wolfgang Schaeuble have both made statements over this weekend that affect bailout options for Spain.
In particular, Nowotny says Spain must seek help before ECB buys bonds.
Spain would have to apply for a rescue package before qualifying for inclusion in the European Central Bank's plan to buy debt of struggling euro zone members, ECB policymaker Ewald Nowotny said.
Welcome to another week of European headline-driven trading!
Equity futures are materially higher as traders react to the news out of Spain. Two weeks ago, the Spanish Prime Minister claimed that the country wouldn’t need a bailout.
I seriously do not understand this "Bad Bank" concept. The idea that you can take bad assets and shift them off to the side and it will make things better seems ludicrous.If for some reason you disagree, please note that Spain now needs a "Bad Bank" for "Bad Banks". They call this proposal "Midas N + 1".
MADRID (Reuters) - Spain's overspending regions have enjoyed a holiday from the headlines, content to let debt-laden banks take most of the blame for the Mediterranean country's slide into crisis. But most of the regions, which were largely responsible for Spain missing its deficit goals by a wide margin last year, could soon become an even bigger problem for the country and its banks if sovereign borrowing costs do not fall. ...
If the leaders of the European Union cannot agree soon to some sort of 'master plan' that saves Greece, shields Spain and Italy from the contagion of wholesale investor selling, protects France from a fatal downgrade, avoids failure for the world's largest banks, and persuades German voters not to dump its government ... all hell will break loose in Europe, the UK, USA, etc. Portugal, Ireland, Italy, Greece, and Spain are more than 3.1 trillion Euros in debt. France — which, according to Moody's, is now in danger of suffering a fatal downgrade of its debt — owes another 1.6 trillion.
Spain's overspending regions have enjoyed a holiday from the headlines, content to let debt-laden banks take most of the blame for the Mediterranean country's slide into crisis. But most of the regions, ...