Bailout for Banks Figures Into Campaigns in Greece

Wall Street Journal
June 10, 2012

Greece's two main party leaders used the Spanish bank-bailout deal Sunday to support their opposing messages to the Greek electorate ahead of next week's national vote.

New Democracy leader Antonis Samaras said the deal showed how important it is for the country to remain inside the European Union, negotiate with its partners over the country's problems and not isolate itself, while the radical leftist Syriza party said it showed that the only prosperous route for Greece is to reject the terms of the country's own massive bailouts.

Spain said Saturday it would ask Europe for a loan in order to clean up its banking industry, becoming the fourth euro-zone country to request an EU bailout after Greece, Portugal and Ireland. Spanish Finance Minister Luis de Guindos said the EU will grant Spain a loan of as much as €100 billion ($125 billion) that the government will funnel to banks that need capital.

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