Maeve Dineen: Nothing in Spanish bailout signals any hope for Ireland
The similarities are uncanny. First came the denials. The IMF flies into Spain but Madrid insists there's nothing to see here. The Spanish government says tough measures are being implemented and there will be no need for external assistance. We are on top of this crisis.
The financial markets disagree and grow more wary of buying Spanish debt by the day. Then it becomes clear to the policymakers that the problems of the debt-laden banks are deeper than first estimated and the Spanish government realises that it can't go it alone.
It finally asks for financial assistance and the next day comes out claiming it has snatched victory from the jaws of defeat.