“Calm down! The EU is the kind of institution that will throw someone drowning both ends of the rope.”

On 5 June, Spanish Budget Minister Cristóbal Montoro acknowledged that Spain is no longer able to obtain financing independently from the markets in view of the excessive yield spread between Spanish and German 10-year bonds. However, he also added that “for technical reasons, Spain cannot benefit from a bailout”, which is why “the ‘Men in Black‘ of the [EU-IMF-ECB troika] will not be coming”.

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