In Spain, a Bailout May Not Be Enough

The ECB bond-buying plan does little to right the economy
Madrid may not be hopeless, but many are losing their shirts Photograph by Czuko Williams/Demotix/Corbis

European Central Bank President Mario Draghi’s plan to save the euro is about to have a test run. Spanish Prime Minister Mariano Rajoy appears ready to accept—not immediately, but soon—Draghi’s offer of a deal in which the bank would buy up Spanish debt in exchange for austerity and economic reforms.

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