Words and their meanings shift pretty quickly these days, but a bailout is a bailout is a bailout. On the Iberian Peninsula there was just a bailout.
But Spain insists it was a “loan.”
I got a “loan” like this once from my dad when I was 20, when I made a bonehead financial decision. In truth it was a bailout. With all the shame and leverage a bailout has with it. This is what Spain just got, only Germany is the dad.
Spain has a chip on its shoulder. It seems as if it has been knocking on the door of first tier European nation status (back when there was such a thing) for forever. But it never quite made it over the hump.
In the 1990s it looked as if Spain had arrived. But now it is clear that it never really did.
The Spaniards don’t want to believe that Europe ends at the Pyrenees. They want to be part of the club. That’s way they are referring to the action by the EU as a “loan.” But it is a bailout, and Germany just saved their Spanish posteriors (for another month.)