Global markets rallied sharply overnight, as investors pinned their hopes that the US central bank would unleash a fresh round of monetary stimulus, and that a compromise could be reached for bailing out Spain’s troubled banks.
According to reports in the European media, eurozone officials are now considering ways of structuring the Spanish bailout that would allow Madrid to save face.
The Spanish government of Mariano Rajoy has been deeply reluctant to accept the humiliation of a bailout, which would force Spain to adopt an austerity and reform package dictated by the “troika” – the European Central Bank, the European Union and the International Monetary Fund.
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