Francisco González, the CEO of BBVA, urged the Spanish government yesterday to ask the EU for a bailout as soon as possible. González argues that merely asking for it will be enough for the Treasury and Spanish companies to resume normal financing abilities "without taking a single euro" from other European nations.
This is what the BBVA president calls a preventative bailout. The conditions of a bailout like this would not be very tough, because González judges that 90% of the EU's requirements to date have been fulfilled, excepting their recommendations about the national pension program and cutbacks to unemployment benefits, both of which are not small issues.
There is a loud general consensus to clear up any uncertainties in order to know what Spain needs to focus on. The government should listen.
