Spain ready to jump?
They are keeping up the pretence that the sovereign do not need funding, just their banks (who are buying the sovereign debt).
The Spanish government is prepared to make a rescue request that would allow the European Central Bank to begin buying its debt, but the issue is being delayed by the needs of other countries in the single currency.
Madrid has now found a formula that it feels comfortable with to make a rescue request – a significant shift in position compared to before the summer – and is waiting for external factors, such as the way it would influence other countries such as Italy, to be resolved.http://www.ft.com/cms/s/0/94f299ec-1...#axzz29RnTWCrvA senior official within the Spanish ministry of economy said Spain did not require any money from the European Stability Mechanism, the eurozone’s state rescue fund, but would be comfortable making a request for a credit line only in order to satisfy the conditions of the ECB to begin buying bonds.
Before this can happen, there would have to be agreement over timing with Spain’s European partners – breaking with market perceptions that one of the main reasons for a delay was the reluctance of the government of Mariano Rajoy to take the politically damaging step of requesting aid.