Spanish PM Mariano Rajoy sent a stunning text message to FinMin Guindos prior to the bailout negotiations. ... "Resist, we are the 4th power of the EZ. Spain is not Uganda."
And they got it. Which would be fine, except not six hours passed before:
Ireland wants rescue deal negotiated to match Spain's
Greece is on the edge of revolt, Ireland's surly and thinking about it, and this? This is gasoline for those fires.
See also: Investors fled from Spanish government debt on Monday, an immediate rejection of the country's planned bank bailout by the constituency it most desperately needs to impress: the buyers of its own government bonds.