Originally Posted by Chris

It is a rescue. But they think that by calling it something else (and announcing it at the start of the weekend) the markets will not implode on Monday morning. The Spanish economy is twice the size of Greece, Portugal and Ireland combined - what is happening here is seismic. I doubt the financial sector is likely to be taken in by this attempted sleight of hand for very long.

The Eurocrats are utterly delusional. Everybody remember where you were during the summer of 2012 - we are living in historic times. Think Kennedy, think moon landing, think 9/11.