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The enactment of the eurozone bailout fund has been delayed at least three more months by Germany’s constitutional court—thwarting hopes for a quick end to the European debt crisis and putting the future of Europe into further uncertainty.
Spanish Prime Minister Mariano Rajoy unveiled new austerity measures to save 65 billion euros ($80 billion) over the next two years, caving in to pressure applied by the European Union to avoid a full bailout.
Will Italy be the next eurozone country in trouble to ask for a bailout?
Germany is perceived to be in the driving seat of eurozone bailout negotiations as it is the nation who is footing most of the funding support and has the strongest economy.
The 100 billion euro (US$126.3 billion) bailout of Spain’s banking sector wasn’t received favorably by some investors, while others suggested that it was a step in the right direction.
Eurozone worries continue as Cyprus, the smallest EU member, is next in line to apply for financial assistance from the EU bailout fund.
The European economy is being dragged down by its less successful members.
