The European Central Bank (ECB) is ready to buy debt if Spain asks for its help. Mario Draghi reiterated that he has done what he can to save the euro, and decisions are once again tied to politics.
Clearly pointing to Spain, yesterday Draghi asked European governments to speak up. He confirmed that ECB aid could be different than earlier aid packages. Besides punitive, the conditions will force structural reforms. While the Spanish government is beating around the bush, the Treasury has already covered 88% of its financing goals for 2012 after yesterday's debt sale saw greater bids and lower interest rates than expected.
Rajoy shouldn't fool himself or prolong the agony for the Spanish people and corporations because a bailout is clearly necessary.
