Weekend Economists Chart the Bradbury Chronicles, June 8-10,2012

[Eugene]

109. Skeptical Spaniards pour scorn on Rajoy over rescue

Source: Reuters

Skeptical Spaniards pour scorn on Rajoy over rescue

By Fiona Ortiz and Tracy Rucinski
MADRID | Sun Jun 10, 2012 2:47pm EDT
(Reuters) - Confused and anxious Spaniards heaped scorn on Prime Minister Mariano Rajoy on Sunday for portraying a 100 billion euro European rescue of the country's zombie lenders as a triumph, expressing skepticism about whether the plan will work.

With the economy contracting, one in four workers out of a job, and Greek elections next weekend overshadowing the entire euro zone, Spaniards accepted that Saturday's announcement of the bank rescue was necessary but many doubted it would solve the problems of Spain or the euro.

Some commentators were willing to give Rajoy the benefit of the doubt as Spain became the fourth euro zone country to seek international aid in the two-and-a-half-year debt crisis.

However, others were less forgiving, while online many Spaniards accused him of cowardice and expressed astonishment that he had gone off to watch Spain play in the European football championships on Sunday.

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Read more: http://www.reuters.com/article/2012/06/10/us-eurozone-spain-rajoy-idUSBRE85905520120610