- Spain knows if aid requested it will be granted
- ECB should not dictate how Spain cuts deficits
- Must meet deficit targets
- Doesn’t want policy-by-policy conditions
- Has not decided whether to request ECB aid
- Will request aid if judges it correct for Spain
Lots of study but no action in Madrid as Rajoy tries to avoid bailout stigma.
EUR/USD at session lows. near 1.2757. Bids are scattered down to 1.2750; small stops are eyed below that level.
Headlines from Bloomberg via Spanish TV.
