Spain pledges to avoid full bailout

Spanish prime minister Mariano Rajoy said the "credibility of the euro won" in Saturday’s request by his government for as much as €100 billion in European Union aid to restructure the nation’s banks.

"Yesterday, the credibility of the euro won, yesterday the future won," Mr Rajoy said yesterday at a press conference in Madrid. "Yesterday, the European Union won." 

Without planned reforms and deficit reduction, what happened on Saturday "would have been an intervention" instead of "the opening of a credit line," Mr Rajoy went on to say.

read details: Irish Examiner

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Greek ministers resign over bailout

Five Greek politicians, including the deputy foreign minister, resigned Friday over a crunch bailout agreement that the country needs to avoid bankruptcy. Greece’s future in the euro is now increasingly precarious and violence erupted in Athens.

The country’s beleaguered coalition government promised Friday to push through the tough new austerity measures and rescue a crucial EUR 130 billion ($170 billion) bailout deal, as six members of the Cabinet resigned.

Read details: France24

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