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But they came not to praise Spain, but to bury her? Praise Spain best by saving Portugal. Methinks much of the praise is prayer that Spain will bail out Spanish banks with loans to Portugal which, in turn have sold bonds to German and French banks.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Apr 11th, 2011 at 12:10:15 PM EST
[ Parent ]
Spain to contribute 5 billion to Portuguese rescue package
The 5 billion Spanish contribution to Portugal compares to the 2.6 billion for Ireland and 10 billion for Greece. It's clear that Portugal will have to engage in a far tougher adjustment program than first envisaged.
Spain's contribution will be proportiaonal to GDP, not proportional to exposure to Portugal.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Mon Apr 11th, 2011 at 12:25:14 PM EST
[ Parent ]
But, if Portugal does not agree to the "help", would Spain bail out her own damaged banks? If not, the contagion could stop there -- for Spain at least.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Apr 11th, 2011 at 12:38:05 PM EST
[ Parent ]

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