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There won't be any external rescue of Spanish banks, says PM Rajoy, now holding a press...
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Monday, May 28, 2012, 7:35 AM ETThere won't be any external rescue of Spanish banks, says PM Rajoy, now holding a press conference. The nationalization of Bankia, he says, is about gaining the confidence of the markets and protecting Spanish savings. Live here, in Spanish.
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Still, that's no reason for the rest of us to believe it.
The very fact that he was shrewd enough over the weekend to come up with a scheme to land Draghi with useless junk in return for real money suggests an absence of flies on senor Rajoy.
But untrammeled access to the ECB's vaults is the only way Mariano is going to avoid the markets....
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