Today's Coming Crisis Movie

Friday, July 27, 2012

Germany 'Refuses Spanish Bailout Request'.....What happened to We are all in this together?

Hours after it was confirmed that unemployment in Spain had reached a new record high, it was claimed the country had raised the prospect of it securing a 300bn euro (£235bn) bailout.

The news agency Reuters, citing comments by a eurozone official, said the idea was floated by Spain at a meeting with German officials but it was dismissed by the Germans on the grounds that the European Stability Mechanism (ESM) bailout fund was not yet in place.

Spain moved quickly to stamp on the report.

A Government spokeswoman said no such discussion had taken place and it "strongly denied any such plan".

But such a move would come as little surprise to the markets amid the country's dire debt crisis. Read More