Spain is offered a German Lifeline

October 16, 2012 Share Print 4

Two senior politicians from Angela Merkel’s team have gone on record supporting the Spanish bailout. Their comments hint at a softening of the harsh stance a couple of months ago. Not all Germany is in agreement as this Finance Minister Wolfgang Schaeuble who has been very vocal against Spanish aid as outlined by Madrid. The plan presented by the Spanish Premier involves issuing new debt from a European Budget Authority.

Schaeuble has also sparked some controversy by calling ahead a summit to accelerate the plans for European integration. This is the same plan that was criticized by the bank of England for the potential loss of sovereign control of its currency, even it not an official member.

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.