Spania er testen på om eurosonen vil overleve. Renten på spanske obligasjoner har ligget godt over 6 % i tre uker. Det er et nivå landet ikke kan leve med.
Spania er i realiteten utestengt fra det internasjonale lånemarkedet.
Spanske banker trenger desperat kapital, men kan ikke få det direkte fra EU-systemet. Det forbyr reglene. Tilskudd skal gå via regjeringene.
Den spanske regjering har sagt spanske banker trenger 40 milliarder euro, andre sier tallet er 90 milliarder.
Det er allmenn enighet om at Spania er testen for euroen og dermed EU, slik unionen er i dag.
Kjernen i problemet er at politikken ikke er synkronisert med det monetære systemet, og forsøkene på å finne politiske løsninger er kommet på etterskudd.
Dermed sklir EU som en isbre mot en ublid skjebne.
The crisis in Spain, the euro zone’s fourth-largest economy, is seen in financial markets as the acid test for the survival of the European common currency. Spain’s troubles—unlike those of Greece, whose economy is one-fifth the size—can’t be blamed on reckless government spending, but instead on a bursting real-estate bubble. The country is also widely considered too big to bail out, presenting Germany, which holds the euro-zone’s purse strings, with a gigantic headache.
Spain’s borrowing costs have been above 6% for more than three weeks, levels widely considered unsustainable over time. Investors have retreated from the bond market amid fears that Madrid will have to make good on some of the huge losses that the country’s banks are expected to suffer on their property-loan portfolios—at a time when its budget is already under pressure from a shrinking economy and rising unemployment.
Budget Minister Cristóbal Montoro said rising government bond yields showed that Spain had problems accessing bond markets.
«What that premium says is that Spain doesn’t have the market’s door open,» he said. «The challenge is to open that door and regain the confidence of those markets, our creditors.»
Other Spanish officials have said it is more precise to say foreign buyers of Spanish bonds had completely disappeared from the market.
Speaking later Tuesday in Parliament, Spain’s Prime Minister Mariano Rajoy said the EU needs to quell doubts on the euro project by reinforcing integration and creating a banking union and common euro-zone bonds. Mr. Rajoy said Spain plans to continue an ambitious reform drive, but EU partners must do their part to improve the situation.
Spain Warns It Needs Help
Crisis Seen as Acid Test for Euro’s Survival; Official Says Access to Markets in Peril