The last two weeks have been good for Spain. So good in fact that they are taking their time in sending a formal bailout request to the ECB. Mario Draghiâ€™s committment to the euro and unlimited bond-buying program made this weekâ€™s Spanish bond auction very successful with yields of 5.666%. This has helped Mariano Rajoy delay a bailout request, although there are also political factors to consider as the region of Galicia is holding elections on October 21st and the presidentâ€™s party could suffer if the unpopular bailout request is made before elections.
Greek PM Samaras meet with Italian PM Monti and they both came to the conclusion that the eurozone must be preserved. Samaras faces an uphill battle outside and inside Greece. The troika has not shown much flexibility to Samaraâ€™s requests. Greek coalition parties have not agreed on the details of the 11.5 billion euro austerity package. In a surprising move it seems the Greek consulate in London is up for sale as no stone will be left unturned to reach the needed cuts.
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