The Spanish Finance Minister has announced Spain's inability to access its credit; the the impending crash of its economy if one of the larger EU economies (ahem, Germany) doesn't bail it out.
Basically, Spain wants Germany to help it out via a direct channel. Germany is willing to help; but wants Spain to go through all the usual procedures, rather than bypass the rules and set up a direct channel. Problem is, that might be too late for Spain, Europe's fourth largest economy.
Ok, so this really highlights the EU's deficiencies. One of them goes down, and they all have to bail it out. Well basically, it's only Germany doing all the bailing; and what's going to happen on the day when Germany needs help? Judging from all the countries they've been helping out, Germany is steadily being leeched of money by the other, needier countries, which isn't good for it. Europe is a pretty big mess right now; and needs to be stabilized.
http://www.washingtonpost.com/world/spain-pleads-for-help-in-european-crisis/2012/06/05/gJQAdjGqGV_story.html?tid=pm_world_pop
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