Merkel’s in Hot Water… So All Future Backstops Will Be Even MORE “Strings Attached”

Thursday, May 3, 2012
By Paul Martin

by Phoenix Capital Research
ZeroHedge.com
05/02/2012

Spain, which is now at the forefront of the Great Western Debt Default Collapse, has opted to seek funding from the mega-bailout fund, the European Stability Mechanism (ESM) rather than going directly to the ECB or the IMF.

The reasons for this are clear: the IMF doesn’t have the funds (nor will it as the US won’t fund a European bailout during a Presidential election year). And the ECB is now backed into a political corner with Germany.

However, Spain is discovering that even ESM funding doesn’t come without strings attached:

Germany Rejects Spain Banks Tapping Bailout Fund, Meister Says

The Rest…HERE

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