UPDATE: EUROZONE AGREES TO LEND SPAIN UP TO 100 BILLION EUROS
No surprise. Spain confirmed today that it will seek a big bailout--100 billion euros seems to be the amount--to rescue its failed banking sector. The money will supposedly not be tied to further spending cuts--that is, to more austerity--and flow only into the country's broken banks. Read more.
The euro was a bad idea; austerity during depression/recession, an even worse idea. But the EU and the IMF are obsessed with saving the euro and sticking with austerity. Like lunatics, or fanatics bent on carrying out some mad scheme, they stick with their blinders and stay the course.
Related: Spaniards Seem Resigned to Bleak Future