Spain accepts a $100 billion bailout, so what next?
Euro crisis – Reaction to Spanish bailout
The Wall Street Journal interpreted the acceptance of the $100 billion bailout as also an acceptance that the losses experienced in Spain were greater than first acknowledged. However, Simon Nixon argues, the bailout may be too small to provide the stability its banks need.
Harvard professor Charles Maier says that what Europe needs is a German Marshall plan that will enable it to “overcome economic stagnation without imposing painful austerity that strengthens extremist parties.”
“It is time for Germany, once the recipient of aid, to design its current policies with the same sense of urgency and vision that America did after World War II with the Marshall Plan, a farsighted program of assistance for the reconstruction of Europe,” he writes.