That Spanish bank bailout

Thank heavens there was €100bn floating around the Eurozone that no-one knew what to do with; good thing that Spain managed to find it and take it to shore up its banks.

Where did they find these funds again?

The Eurogroup said the funds could come from either from the eurozone's temporary rescue fund, the EFSF, or the permanent mechanism, the ESM, which is due to start next month.
Mmm. OK. So this is the solvent Eurozone members (I'm looking at you, Germany) bailing out Spanish sovereign debt (held by the Spanish banks) by the back door. Somehow I don't think this is going to go down well in Germany when the taxpayers realise they're in for €1000 per head of a "recapitalisation" into banks backed by Costa del Sol property that's still plunging in value.

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