(Becket Adams) -- The Blaze reported earlier this afternoon that Spain had finally caved and asked the European Union to save its ailing banking sector with a bailout of up to $125 billion (€100 billion). When news of the Spanish bailout broke, this was also reported [emphasis added]:
Economy Minister Luis de Guindos said Saturday the aid will go to the banking sector only and so would not come with new austerity conditions attached for the economy in general. A statement from the finance ministers of the 17 countries that use the euro explained that the money would be fed directly into a fund Spain set up to recapitalize its banks, but underscored that the Spanish government is ultimately responsible for the loan.
Did you catch that? Spain scored itself a massive no-strings-attached bailout deal. Clearly, this sets them apart from the other eurozone countries that were forced to agree to austerity measures in order to be eligible for financial aid.
But, for lack of a better comparison, the EU is like a family. And as anyone with siblings can tell you, when one kid gets special treatment, all the kids want special treatment. And that’s exactly what is brewing in Ireland.