Spain: The government is claiming none of its auctions will fail after it signs a Troika MoU

The latest information out of Europe comes via the Financial Times where Miles Johnson writes that the Spanish are geared up to sign a Memorandum of Understanding with the Troika. Other countries are holding things up, according to this story. And when those issues sort themselves out, the MoU is a go. But no bailout will be needed, because Spain believes just signing the MoU will be enough to cause markets to lower Spain's rates, the story says. I don't find this entirely credible.

The logic behind the Spanish government's view is this:

We are ready to go now as soon as other issues in other countries are worked through
When we do this 'bailout', it won't really be a problem because we will just sign a Memorandum of Understanding, having already done the heavy lifting as to conditi...


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