Seven Days That Shook Europe -- Financial Times
From France to Greece: A week of dramatic political and financial shifts across the region
Luis de Guindos had one last clandestine mission before unveiling his plan to the public and jittery financial markets. The Spanish finance minister had just won a furious backroom battle to oust Rodrigo Rato, a favourite son of his ruling centre-right Popular party, from the helm of Bankia and nationalised the faltering year-old assemblage of savings banks that had collapsed after betting wrongly on the country’s housing bubble.
But the most critical stage of his still-young tenure was facing him on Friday. He needed to convince the world that his government finally had a scheme to shore up its sinking banking sector, which bond traders were betting would force Madrid to seek EU aid, making it the fourth in a rogue’s gallery of eurozone governments to succumb to foreign management.
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My Comment: It certainly has been a tumultuous week in Europe. For a good recap, this Financial Times post covers it pretty well.
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