Spanish bank bailout affects all Europe

Spain will officially apply for assistance from the European rescue fund this Monday. The conservative daily ABC points out that the future of the Eurozone depends on the precise terms of this multi-billion-euro loan: "For Spain, it is vital to achieve favourable terms for the recapitalisation of its banks. Only in this way can it overcome the present credit crunch caused by the banking crisis and release the necessary resources to give the ailing economy a boost. There is still a little room for manoeuvre in the negotiations because the final conditions won't be passed until the next Euro Group summit meeting on July 9. And all the European politicians must realise that this time it's not just about a simple agreement, as at many other summits. This time the credibility of the entire Eurozone is at stake. A decisive step towards a banking union would be the best outcome, both for the EU and for Spain's specific requirements and those of other struggling countries."

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