Spanish PM Eats Words on Bailout

As the euro nations scramble to keep Spain’s banks from pulling a flan and collapsing, Prime Minister Mariano Rajoy has emerged as a controversial figure. The 57-year-old conservative politician engineered a sweeping victory over the Socialist Party less than a year ago, saying all along that the country would not need the financial support provided to other nations that use the common currency, including Greece. It’s a promise he reiterated as recently as May 28, when the prime minister said there would be “no rescue of the Spanish banking sector.” This weekend, Spain accepted an offer by euro-zone finance ministers to recapitalize the country’s banks with an aid deal that may total as much as $125 billion.