In response to:

Spain Blinks: Accepts €100 Billion Bailout

TruLib Wrote: Jun 10, 2012 8:45 AM
The politicians will do anything to avoid the pain today. If that means making the pain tomorrow worse then so be it. This is what bailouts do. They allow you to move the pain and they'll keep doing it till the entire thing collapses on them. All these economies in trouble need to produce more and they aren't instituting the reforms that will allow that. We need to take this lesson to heart.

After months of denials, a short Eurogroup Statement shows Spain will submit a formal request to Brussels for a bailout.  Here is the statement in full.

The Eurogroup supports the efforts of the Spanish authorities to resolutely address the restructuring of its financial sector and it welcomes their intention to seek financial assistance from euro area Member States to this effect.

The Eurogroup has been informed that the Spanish authorities will present a formal request shortly and is willing to respond favourably to such a request. The financial assistance would be provided by the EFSF/ESM for recapitalisation of financial institutions....