Mish/ Mike Shedlock – Rajoy Proclaims “Victory, Says It’s Not A Bailout “It’s A Credit Line”; Existing Bondholders Subordinated – 10 June 2012

In the too stupid to make up category, Rajoy defends ‘victory’ for EU credibility

Mariano Rajoy, the embattled Spanish prime minister, has defended the eurozone’s €100bn bailout for Spanish banks as a victory for European credibility.

He repeated Spanish assertions that the EU aid was different from the full bailout programmes previously provided to Greece, Ireland and Portugal by the EU and the International Monetary Fund, which involved detailed austerity targets and monitoring.

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