Still betting on tomorrow night after NYC closes for Rajoy to admit the game is up. We have an interesting situation where the IMF and ECB are pushing Spain into a bailout scenario whereas the political actors internationally do not want Spain in a bailout situation- even Germany is beginning to split on this as it simultaneously wants to steady the Euro and at the same time deny the ECB power legally to fund bad banks directly without bailing out sovereign governments.
Heading towards something of a political singularity here- if Rajoy throws in the towel as I think he has to by tomorrrow night will he then have to hand in his resignation? What happens in Spain politically? Elections?
Same as Greece- the government there is wobbling and Merkel and co don't want to see an election in Greece with Tsipras poised to win and tear up the austerity programme.
Merkel's government thus far has been seen to be in the IMF/ECB corner but now that the IMF/ECB shows signs of sidelining even Merkel I suspect there are second thoughts in the German government.
All we need now is an open row in German politics at the top and the singularity takes shape.