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Spain Opens Door to Asking for Help

Spain’s Prime Minister held a press conference, discussed the situation, his government’s steps. reforms and liquidity issues. He refused to answer whether Spain will ask for help or not. This is a change from the previous approach. He also said that he wants to know what other measures the ECB will take before he will take a decision. The days of denial are over.

Rajoy is preparing the public for a U-turn in policy. The next step seems like an official bailout request.

A Spanish aid request was the missing piece needed for the ECB to act and buy bonds. Rajoy missed the opportunity to ask for aid in a public appearance he held together with Italian PM Monti.

Rumors about a Spanish aid request and a response by the ECB were circulating beforehand.

Draghi conditioned ECB bond buying (even printing money US / UK style) with a request from the governments, and staff work at the ECB.

Draghi’s words disappointed the markets, that were expecting immediate action, but since then, the markets have recovered.


Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.