Spanish President Dismisses Need for Bailout

Europe’s four-year old debt crisis seems to be in remission. Dutch voters backed pro-euro parties in Wednesday’s poll, the German Constitutional Court gave the go-ahead for the region’s permanent bailout fund and the European Central Bank’s (ECB) latest bond program seems to be working, even before it’s begun.

Yields on Spanish and Italian bonds have fallen, the euro is at its strongest in four months against the dollar and European stocks are trading at their highest in almost a month.

The turnaround has been so dramatic that it’s allowed Spain, one of the most badly affected countries, to suggest that it may not need aid after all.

“I don’t know if Spain needs to ask for it,” Spain’s Prime Minister Mariano Rajoy told parliament on Wednesday, referring to external aid.

via CNBC

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Alfonso Esparza

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.
Alfonso Esparza