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Eurozone policymakers are eager to shore up Spain‘s position before June 17 elections in Greece which could push Athens closer to a eurozone exit and unleash a wave of contagion.
Spain‘s auditors could report back after that date.
But, for the most part, it always leaned more toward regional autonomy and not in favor of independence.
Not so with Puigdemont, however, who is much more of a true believer in the independence cause than Mas ever was.
It said the cost to the Spanish state of recapitalising banks stricken by the bursting of a real estate bubble, recession and mass unemployment could be between 60-100 billion (-5 billion). Its industry minister, Corrado Passera, said the economic situation in Italy had improved since the end of 2011, but remained critical.
“Europe was more disappointing than we had expected, it was less capable of tackling a relatively minor problem such as Greece,” Passera told a conference on Saturday.
“The issue, however, is there is still a lack of detail about where the money’s coming from, which is crucial.
The market will treat it with some caution until they see how it will be funded.” The Eurogroup said the funds could come from either from the eurozone’s temporary rescue fund, the EFSF, or the permanent mechanism, the ESM, which is due to start next month.
For now, at least, that represents sufficient change for Baños and the CUP to support the independence-driven government.Nonetheless, analysts said financial markets may be calmed by the announcement when they reopen on Monday.“The figure of up to 100-billion is more encouraging and pretty realistic; it’s an attempt to cap the problem,” said Edmund Shing, European head of equity strategy at Barclays.IMF managing director Christine Lagarde said the eurozone’s plan was consistent with the IMF’s estimate of the capital needs of Spain‘s banks and should provide “assurance that the financing needs of Spain‘s banking system will be fully met”.Sources involved in the talks said there had been pressure on Madrid to make a precise request right away, but Spain had resisted.