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Briefing: Spain — too big to fail


The austerity measures launched under the socialist government of José Luis Rodríguez Zapatero and maintained by his conservative successor Mariano Rajoy have not been enough to contain the consequences of Spain's housing bubble collapse. Sunk by too many toxic assets, Spain's banks must be recapitalized. But the state, with an asphyxiated economy, is struggling to raise funds, while refusing foreign aid. And Europe fears that an eventual bailout could sink the euro project.

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El País, Madrid

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Süddeutsche Zeitung, Munich

Spain: Budgetary discipline will bear fruit

El Mundo, Madrid, Jornal de Negócios, Lisbon

Espagne: Banks confront the property bubble

El País, Madrid, ABC, Madrid

Spain: And the next shock treatment goes to...

El Periódico de Catalunya, Barcelone