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Finland said that if money came from the EFSF, it would want collateral.
EU sources said there was a preference to channel money to Spain through the ESM, rather than the EFSF.
For now, at least, that represents sufficient change for Baños and the CUP to support the independence-driven government.
It said the cost to the Spanish state of recapitalising banks stricken by the bursting of a real estate bubble, recession and mass unemployment could be between 60-100 billion (-5 billion). Its industry minister, Corrado Passera, said the economic situation in Italy had improved since the end of 2011, but remained critical.
“Europe was more disappointing than we had expected, it was less capable of tackling a relatively minor problem such as Greece,” Passera told a conference on Saturday.
A bailout for Spain‘s banks, beset by bad debts since a property bubble burst, would make it the fourth country to seek assistance since Europe‘s debt crisis began.
With the rescue of Greece, Ireland, Portugal and now Spain, the EU and IMF have now committed around 500-billion to finance European bailouts.