It seems that Spain will ask tomorrow, June 8th 2012, a financial bailout for its banking system.
In the media in Catalonia (and I imagine that in Spain too) they have prepared us step by step for this bailout.
In order to calm people the media here speak about a RESCAT SUAU (RESCATE SUAVE in Castilian), A SOFT BAILOUT.
So what is adisgrace for Spain is shown here almost as a victory because it will be a bailout just for the banking system. Not a bailout for Spain. So the conditions will be different from other bailouts.
So, in some way, I feel we have been a bit cheated and the worse is that I think I love to have a bit cheated … as the real truth is too hard to digest!
So, tomorrw, when Spain askes for a bailout in Spain this bailout will be shown here as just a bailout for its banking system!
The difference between bailing Spain or bailing just its financial system is very important because a bailout of Spain means that we are under the orders of Europe as Greece. If the bailout is just for the banking system then it is just the banking system that is ruled from Brussels. But it is obvious that nobody gives nothing for free so Spain will have to pay a high price for the rescue.
I am convinced that each day we will realise that the bailout of Spanish banks was not so soft as it is told now and that in the long run Spain savings will be from now on ruled from Brussels or Berlin.
Until now Europe has always been a good thing for Europe. Now some people in Spain may have the future that nobody was freed and that in some way we are ruled from Berlin.
In fact I will only think that it is Brussels who rules Spain and not Berlin when we have eurobonds.
In any case, maybe to be ruled from Brussels is better than to be ruled from Madrid. But I am afraid that in fact Catalonia will be ruled from Berlin and Madrid.
Now let’s wait for the Greek vote. What will happen with the euro?