The bailout will help Spain in the long-run, but other countries in the Eurozone are going to want the same bailout on the same terms, which could be extremely problematic.
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It was the least that was needed for the Spanish banking system. It’s short term good news, but longer-term there are still fundamental problems that need to be fixed.
I don’t know whether it has stabilised the situation – we are going to have to see what happens in the next few months. I think that Italy will need a similar bailout soon though.