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Spanish borrowing costs reached 7.6 percent on Tuesday (Photo: Valentina Pop)

Spain in political blunder as bailout likelihood increases

A Spanish minister angered Italy and France after claiming the two countries backed Spain in demands for speedier actions by the eurozone to bring down its record-high borrowing costs.

Both Rome and Paris on Tuesday (24 July) denied ever having issued a joint statement with Spain. The statement asked for the immediate application of a June deal, whereby banks could be funded directly by the eurozone bailout fund.

The Italian government said it was "astonished" by the Spanish annou...

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