Read the whole article on:
http://www.guardian.co.uk/world/2012/jun/08/spain-bailout-agreed-week
Experts say Spanish prime minister Mariano Rajoy’s attempts to avoid external control of the country's economy are doomed to failure. Photograph: Andrea Comas/Reuters
The first planks in a dramatic bailout for Spain will be bolted together this weekend, with a final figure on the size of the rescue package to be ready within a week, according to sources in Brussels and Madrid.
The moves towards bailing out the finance sector of the eurozone's fourth biggest economy reflect a growing consensus that a Spanish collapse must be averted to prevent a devastating chain reaction that could bring down Italy and destroy the single currency. There were fears that this would spark a global downturn extending to the US and China, and both countries urged Europe to move swiftly to fix its long-running debt crisis.
