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June 10, 2012 6:48 PM GMT | CBS News
Spain's prime minister on Sunday applauded the $125 billion lifeline given to his country's banks,
calling the decision by EU finance ministers a "victory for the euro." Not everyone, however, is so thrilled.
Spain has become the fourth European country to ask European partners for a bailout, but it is by far
the largest.
Within hours of the news of the bailout came the backlash. Protestors in Madrid demanded to know why
billions in aid would go to prop up broken Spanish banks, instead of helping people who are suffering
because of their mistakes.
Spanish officials refuse to use the words "rescue" or "bailout" to describe the $125 billion package, referring
to it as line of credit instead.
That may be a point of pride, but the distinction is an important one: Spain's package doesn't come with
as many strings attached as the cash given to Greece, Portugal and Ireland.
In short, European partners don't get to tell Spain how to run its finances.
<iframe width="640" height="360" src="http://www.youtube.com/embed/wgAFUw0mJGQ" frameborder="0" allowfullscreen></iframe>
Spain's prime minister on Sunday applauded the $125 billion lifeline given to his country's banks,
calling the decision by EU finance ministers a "victory for the euro." Not everyone, however, is so thrilled.
Spain has become the fourth European country to ask European partners for a bailout, but it is by far
the largest.
Within hours of the news of the bailout came the backlash. Protestors in Madrid demanded to know why
billions in aid would go to prop up broken Spanish banks, instead of helping people who are suffering
because of their mistakes.
Spanish officials refuse to use the words "rescue" or "bailout" to describe the $125 billion package, referring
to it as line of credit instead.
That may be a point of pride, but the distinction is an important one: Spain's package doesn't come with
as many strings attached as the cash given to Greece, Portugal and Ireland.
In short, European partners don't get to tell Spain how to run its finances.
<iframe width="640" height="360" src="http://www.youtube.com/embed/wgAFUw0mJGQ" frameborder="0" allowfullscreen></iframe>
