Spain is where the doom of the euro will be determined –

Tomorrow, in an unobtrusive committee room in Brussels, finance ministers from the eurozone states will decide whether or not they are truly prepared to firehose money at Spain's banks without asking anything in return. The decision was announced, theatrically but vaguely, by their prime ministers last month. Only now, though, as the national treasury officials get out their pencils, do we see whether they really meant it.

We've been spared the dramatic deadlines that traditionally precede these summits: “three months to save the euro”, (Christine Lagarde), “ten days to save the euro” (Olli Rehn), “one week to save the euro” (Mario Monti) etc. Yet, oddly, this one really matters. Ireland, Greece, Portugal and Cyprus, combined, account for less than 5 per cent of the EU's economy. Spain was always likely to be where the issue would be settled for good or ill.

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Spain is where the doom of the euro will be determined – Telegraph Blogs