Two senior politicians from Angela Merkel’s team have gone on record supporting the Spanish bailout. Their comments hint at a softening of the harsh stance a couple of months ago. Not all Germany is in agreement as this Finance Minister Wolfgang Schaeuble who has been very vocal against Spanish aid as outlined by Madrid. The plan presented by the Spanish Premier involves issuing new debt from a European Budget Authority.
Schaeuble has also sparked some controversy by calling ahead a summit to accelerate the plans for European integration. This is the same plan that was criticized by the bank of England for the potential loss of sovereign control of its currency, even it not an official member.