Rajoy's political credibility trembles with the EUR 100 billion bailout

Source: Bloomberg
Having taken the needed bailout for Spain's recovery, Mariano Rajoy's political credibility could be at jeopardy. Two weeks after affirming that Spain does not require a bailout, on 9 June Rajoy asked for a EUR 100 billion in order to revive the country's banking system. As a result, the Prime Minister's actions could potentially raise uncertainty whether he can realize his deficit cutting goals. However, Rajoy is attempting to convince local leaders as well as voters to agree to the austerity measures, and assure bond investors that the cuts will allow to meet the deficit objectives.
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Tue, 12 Jun 2012 10:04:38 GMT

S&P 500 index down 1.3% on Spain

S&P 500 index fell sharply on Monday after optimism over Spain's bailout was offset by anxiety whether the country will be able to tackle its debt woe. The leading US index lost 1.26% or 16.73 points settling at 1,308.93. Alpha Natural Resources made the biggest losses for the index giving up 9.2%. Apple shares diminished 1.6%. after renewing its MacBook

Tue, 12 Jun 2012 08:12:43 GMT

European shares pare gains on Spanish uncertainty

European stocks erased gains on Monday after Italian and Spanish borrowing costs surged. Investors expressed doubts if Spank debt aid will be sufficient to tackle the nation's debt trouble. Moreover upcoming Greek elections created additional uncertainty. Stoxx Europe 600 traded flat, Spanish IBEX 35 declined 0.5% and Italian FTSE MIB index fell 2.8%. UK FTSE 100 ended marginally lower while

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