These bailouts are such BS. Spain has not demonstrated any will to deal with its spending and entitlement issues. No Euro government has. These bailouts do nothing more than extend an unsustainable system. Maybe we need a crash that comes with being unable to spend anymore. Hell, perhaps they should all do what France did and jack up taxes to 75% or 80% on the “rich”. They will quickly see that people don’t like working for free and tax revenue will dry up. Thus, with no tax revenue and no bailout, they will be unable to spend. People may riot but so be it. If there is to be a war over entitlements, let’s have it now.
Might be a (minor) factor, but Angela is more concerned about her political position in Germany than what is happening in the US. Shifting position may mean that Spain is getting into real trouble (e.g., riots and Catalan secession), so O may be about to get a Spanish ‘surprise’ whatever Angela does.