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

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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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