Spanish "Victory"

Record downgrade of state & banks,
EU supervision and on the brink of default

The latest round of bailouts, in support of Spanish banks to the tune of $130 billion, has been called a "victory" by the Spanish prime minister. This demonstrates just how irresponsible, arrogant, mad and ignorant Eurogroup officials have become. Not one Eurozone leader jumped at PM Rajoy to chastize such flagrant impertinence, just as their response to market reactions has been muted, despite soaring sovereign bonds of Spain (hitting 7% for the 10-year bond!) and massive downgrades from rating agencies.

Spain will have to accept supervision from the "Troika" of ECB, IMF and EU commission, just as the other irresponsible debtor nations of Europe had to accept. The idea of eurobonds, the fudging of debt repayment condition and the spread of risk and debts to all other eurozone member states, must be prevented at all cost. All cost means, that the risk of countries like Greece, Spain, Italy, Portugal and even Belgium to withdraw from the eurozone has become acceptable.