The €100bn bailout of Spain’s banks is of course a step forwards. After months of denial, the Spanish government has accepted that it cannot resolve its banking problems unaided. But the Spanish banking system still needs a fundamental overhaul. And at European level, there is still no consensus about what concrete steps need to be taken to solve Europe’s banking problem, or in which order. So the victory declarations this weekend look as misplaced as Manchester United’s premature Premier League victory celebrations a month ago. And the next few weeks will be fraught with danger. Read more
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