Spanish prime minister Mariano Rajoy has battled for months to avoid the indignity of applying for a formal bailout from his European partners.
With Spain much closer to the single currency's heart – both geographically and politically – than laggardly Greece, Rajoy has received plenty of support, including the promise of a €100bn injection of funds directly into the bombed-out banking sector. After Friday's announcement of the results of an audit of the sector revealed a €60bn black hole, those funds will be essential.
