According to El Mundo, Spanish PM Mariano Rajoy sent a stunning text message to FinMin Guindos prior to the bailout negotiations.
He said, according to El Muno editor Pablo Rodriguez: “Resist, we are the 4th power of the EZ. Spain is not Uganda.”
Translation: We’re a major power, not some random IMF-case banana Republic.
The followup message (according to Google translate) “if you want to force the redemption of Spain will prepare500,000 billion euros and another 700,000 for Italy, which will have to be rescued after us.”
Here folks, here’s your gun — go ahead and shoot us
Sounds like Paulson and Bernanke in the conference room, doesn’t it?
Incidentally, that “deal” didn’t fix anything. It simply made the problem bigger, which is why I’m going to grab me a big pile of this and sit back and watch the pretty fireworks….