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Die Presse - Austria | Wednesday, June 6, 2012

Bailout will pay off for Europe

Spain will have no choice but to seek help from the bailout fund, writes the liberal-conservative daily Die Presse. Unlike with Greece this rescue operation may actually be worthwhile for Europe, the newspaper surmises: "The chances that the whole thing will work out are … much better than for instance in Greece. Because Spain has a strong industrial base, at least in the north-east of the country, and it has a government that is introducing major reforms (the labour market reform for example). It also has less of a public debt problem than a private debt problem. The banking woes that are weighing so heavily on the government's purse now are largely due to the fact that many jobless Spaniards can no longer pay the over-sized mortgages they took out during the boom. Leaping to the rescue with bailout money here will therefore pay off for Europe. Provided the Spanish themselves want this."

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