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Diário Económico - Portugal | Friday, June 8, 2012

Problem child Spain softening Germany's stance

Crisis-stricken Spain managed to raise 2.1 billion euros on the capital market on Thursday but had to pay more than six percent interest to attract investors. The fears over this problem child are prompting even stubborn German Chancellor Angela Merkel to relent, writes the business paper Diário Económico: "Spain must reach deep into its pockets and it won't be able to keep this up in the long term. Nonetheless Madrid has heaved a sigh of relief. If this auction had failed, it would have had no choice but to call Merkel and ask for help. This humiliating step was avoided, but the situation remains precarious. The only ray of hope is that the otherwise so headstrong and stubborn Merkel, who so far has said no to everything like a little child, appears to have finally acknowledged the problem. All of a sudden she is calling for an integrated financial and fiscal union. She has even announced the presentation of a working plan at the EU summit at the end of June."

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