Spain relieved, angry over humiliating bank rescue

By: Associated Press Email
By: Associated Press Email

Spain's prime minister says his country's economic misery will only get worse this year, despite the country's request for a European financial lifeline to save its banks.

Prime Minister Mariano Rajoy says Spain will remain in recession and unemployment is likely to grow.

Across the country, Spaniards are reacting with a mixture of anger and relief to the news. The eurogroup's lifeline could total as much as $125 billion. Per person, the new debt would almost equal the average salary in the country.

But the prime minister took pains today to avoid the word bailout. He says Spain's rescue package is a line of credit that its most troubled banks will be able to tap and will not come with the outside control over economic policy like that imposed on Greece, Ireland and Portugal when their public finances were bailed out.

Germany's finance minister says "Spain is making the necessary reforms to improve its competitiveness" and control its deficit.

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
WNDU - Channel 16 54516 State Road 933 South Bend, IN 46637 Front Desk: 574-284-3000 Newsroom: 574-284-3016 Email:
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 158385015 -
Gray Television, Inc.