Mariano Rajoy has fought hard to stave off applying for a formal bailout from Europe. Although he successfully negotiated a 100bn euro bailout for the banks, the cost in terms of austerity measures has been high and he still faces high borrowing costs to raise funds on the bond market. The possibility of a further downgrade of Spain by Moody’s certainly won’t help.
Faced with the challenge of driving through measures to secure a bailout and the public unrest they have created, the threat of Catalonia seeking separation and rising unemployment, you do wonder why he ever wanted the job in the first place.
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