Well, Spain have got their 100bn euro loan and the Eurozone has been saved for a few more weeks. Spain has insisted that the loan is to safeguard the Banks, but it's nowhere near enough because the Spanish banks have hundreds of billions of Euros worth of bad debts. In reality, apart from lining the bankers pockets, it will go into buying government bonds to shore up the Spanish economy. How is this different to Greece? Well, if the Greeks were forced to leave the Euro, it would hurt them more than the rest of the Eurozone, so they must suffer the indignity of Eurozone technocrats running their Government and swinging cuts effecting the general population to get the loans to keep them going. Spain on the other hand is the 4th largest economy in the Eurozone and if that went down, it would take the rest of the Eurozone with it whilst calling in all those worthless fiscal promissory notes. So Spain is able to blackmail the Eurozone authorities into giving loans to its banks rather than the Government, thus avoiding the embarressment of admitting that they need bailing out. Whatever the fudge, Spain is borrowing money that it has little prospect of paying back, just like Greece and so the Spanish people will suffer.
