MADRID A day after the bailout request he vowed would nevercome, Spanish Prime Minister Mariano Rajoy hailed an up to$125-billion loan package from Europe as a "victory for theeuro" and sought to cast the deal to rescue Spain s banks aspart of his own efforts to save the country from greater economiccalamity. But Rajoy predicted that, with a 25% unemployment rate, Spain'seconomy was bound to get worse before it gets better. Even withEuropean Union help, it will still shrink by at least 1.7% thisyear, he said. "This year is going to be a bad one, Rajoy told reportersSunday, in his first comments since Spain announced it would becomethe fourth and largest Eurozone country to request aid to survivethe continent's debt crisis. On Saturday, Rajoy did not appear in public and left the bankbailout announcement to his economy minister. Shipyard Cranes
No amount has beenfixed yet but European officials said they would make up to $125billion available. Striking a triumphant tone on Sunday, Rajoy credited his ownausterity program with preventing Spain from needing an even biggerrescue package. Without tens of billions in spending cuts and taxhikes implemented since his conservatives took power in December,the prime minister said that "what was put forward yesterdaywould have been a full bailout for the kingdom of Spain." Because we had been doing our homework for five months, what didhappen yesterday, what was agreed, was the opening of a line ofcredit for our financial system, Rajoy said. "Getting a100-billion euro credit line is not such an easy thing toachieve." Like Economy Minister Luis de Guindos a day earlier, Rajoy avoidedusing the word "rescue," instead repeatedly using thephrase "what happened yesterday." He described thepackage as a soft loan with few strings attached, beyond Europeanoversight of reforms to Spain's banking sector. Steel Bailey Bridge
The money will be earmarked for Spanish banks and delivered throughSpain's own bank-rescue fund, or FROB. However, the governmentremains ultimately responsible for paying back the loans. After his news conference, Rajoy hopped on a plane to Poland towatch Spain play Italy in the opening round of Europe's soccerchampionships. The game has been dubbed the "Debt Derby,"in reference to both countries' ailing finances. Segment Lifter Manufacturer
Rajoy was unapologetic when asked about the image of his travelingto a sporting event while European taxpayers bail out his country'sbanks. "I'm leaving for the Euro Cup because the [economic]situation has been resolved," he said. "And the Spanish[national soccer] team deserves it." ALSO: Lebanese abductees in Syria appear in new video Spain offered up to 100 billion euros to stabilize banks Public service ads warn Egyptians to be wary of foreigners Lauren Frayer Photo: Spanish Prime Minister Mariano Rajoy addresses the media atthe Moncloa palace on Sunday, a day after requesting financialsupport from the European Union. Credit: Denis Doyle / Getty Images.
No amount has beenfixed yet but European officials said they would make up to $125billion available. Striking a triumphant tone on Sunday, Rajoy credited his ownausterity program with preventing Spain from needing an even biggerrescue package. Without tens of billions in spending cuts and taxhikes implemented since his conservatives took power in December,the prime minister said that "what was put forward yesterdaywould have been a full bailout for the kingdom of Spain." Because we had been doing our homework for five months, what didhappen yesterday, what was agreed, was the opening of a line ofcredit for our financial system, Rajoy said. "Getting a100-billion euro credit line is not such an easy thing toachieve." Like Economy Minister Luis de Guindos a day earlier, Rajoy avoidedusing the word "rescue," instead repeatedly using thephrase "what happened yesterday." He described thepackage as a soft loan with few strings attached, beyond Europeanoversight of reforms to Spain's banking sector. Steel Bailey Bridge
The money will be earmarked for Spanish banks and delivered throughSpain's own bank-rescue fund, or FROB. However, the governmentremains ultimately responsible for paying back the loans. After his news conference, Rajoy hopped on a plane to Poland towatch Spain play Italy in the opening round of Europe's soccerchampionships. The game has been dubbed the "Debt Derby,"in reference to both countries' ailing finances. Segment Lifter Manufacturer
Rajoy was unapologetic when asked about the image of his travelingto a sporting event while European taxpayers bail out his country'sbanks. "I'm leaving for the Euro Cup because the [economic]situation has been resolved," he said. "And the Spanish[national soccer] team deserves it." ALSO: Lebanese abductees in Syria appear in new video Spain offered up to 100 billion euros to stabilize banks Public service ads warn Egyptians to be wary of foreigners Lauren Frayer Photo: Spanish Prime Minister Mariano Rajoy addresses the media atthe Moncloa palace on Sunday, a day after requesting financialsupport from the European Union. Credit: Denis Doyle / Getty Images.