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.