What a disgrace for the euro zone and the European Union leaders! Two of it 17 members, Spain and Cyprus, submitted bailout requests within a single day. Spain formally asked banking aid of at least 100 billion euro n Monday morning. In the afternoon Cyprus became the last EZ member to ask for aid as Fitch had downgraded the country.
In a letter to European Financial Stability Facility, the Cypriot government explained the need for aid in order to contain the risks to the Cypriot economy, due to large exposure of its banks to Greek debt.”
Ahead the EU Summit on June 28th and 29th 2012 pressure is increasing on EU leaders to finally find solutions before the Euro zone collapses.
Is this the domino they were warning us about? the C-PIGS?