Europe bails out Spain
Spain became the fourth and largest member of the eurozone to get a financial lifeline, although up to $125 billion of the bailout will go to recapitalize Spanish banks, not the government. Analysts say the rescue package is only buying Europe time, not solving its financial problems. Greece goes to the polls June 17 to decide whether to renege on the terms of its own $170 bailout, a move that would force the country to abandon the euro.
By The Week Staff | June 11, 2012
S
pain became the fourth and largest member of the eurozone to get a financial lifeline, although up to $125 billion of the bailout will go to recapitalize Spanish banks, not the government. Analysts say the rescue package is only buying Europe time, not solving its financial problems. Greece goes to the polls June 17 to decide whether to renege on the terms of its own $170 bailout, a move that would force the country to abandon the euro. 
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