Ryssdal: So in a nutshell here, what happened?
Moore: Well you know that Monty Python line, ‘No one expects the Spanish Inquisition’? Well, everybody expected a Spanish bailout. Which is what this is — it’s not a bailout of the banks, it’s a bailout of Spain’s government. Try to wrap your mind around this: it’s the banks bailing out the government, which is bailing out the banks.
On Marketplace, Billfold pal Heidi Moore explains the bailout in Spain, and how it doesn’t really do anything to fix anything except give Spain some leverage. This is probably what the Mayans prophesied.