Spain begins to turn the wheel

Spain's fifth austerity package has cleared the way for a further bailout from the troika, and even its beleaguered banks may be stronger than expected.

Spain’s austerity budget has probably done enough to enable it to qualify for urgently needed bailout funds for its banks and government. Financial markets reacted positively with global stocks and the euro rising. Most importantly, the 10-year Spanish bond yield fell 12 basis points to 5.95 per cent.

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