A €100 bn bailout for Spanish banks is expected to get the final nod of approval from Eurozone finance ministers. The mooted bailout has already received overwhelming support in the Bundestag. However it is an extremely unpopular proposition with the Spanish public who now face years of tough austerity measures required to reduce Spain’s national deficit.

Spanish Prime Minister Mariano Rajoys announcement of a €65 bn austerity package encompassing tax increases and spending cuts has been received with indignation by an incensed population. Public sector workers have demonstrated en masse across Spain in response to the impending cuts.