Why does spain need a bailout

But he said: "Spain does not need a bailout at all. The Spanish government has found itself in financial difficulty since the global financial crisis caused a big crash in the country's over-heated property market. The latest austerity measures unveiled in Spain's last budget, which came against a backdrop of violent protests, aim to make savings of around 13bn euros next year, by cutting public sector wages, education, health and social services.

The IMF generally asserts itself as the most senior creditor of a country, which means that of all the people a borrower would pay back, the IMF would come first.

Skip to main news content Skip to news search Skip to news navigation Skip to All 4 navigation. FactCheck set out to try and find out how deep Whitehall may have to dig. Why does Spain need a bailout? How much will the UK contribute towards the Spanish bailout? How would that go down in the Tory backbenches? Any more than that, however, and it would trigger an extra vote in the Commons.

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