Spain receive a €100B bailout

The Euro is off to a great start at the beginning of the week, up almost 1% against the US Dollar following news that the Spanish banking sector will be given a capital injection of €100billion (£80.8billion) to recapitalize its banking system. 

The rescue funds for the banks should speed up the "flow of credit loans to families, small and medium enterprises and to self-employed workers". However there is a warning that the near future looks bleak: "This year is going to be a bad one." The economy, which is in its second recession in three years, was still expected to shrink by 1.7%.
I also feel that this is not really a solution and with very little way for Spain to pay back the debt – it is likely that they will require more in the not so distant future! Another black hole similar to Greece?!
The temporary relief may be short lived though, as all eyes are still on Greece’s election on June 17 that could put Athens on a path out of the bloc and precipitate a deeper crisis over the future of the euro.
The UK has seen annual car sales rise to its biggest level in two years. A jump in private demand drove a 7.9 percent rise in British new car sales in May compared to a year ago, a sign that consumers are regaining confidence. Total new car sales between January and May were 2.6 percent up on a year earlier; this reflects good news for the motor industry and the UK economy.
Regarding the United States trade deficit, the difference between imports and exports is now at $60.3bn for the year, already 7.7% higher than last year's total imbalance. US Imports also shrank dramatically due to weak domestic demand meaning the trade deficit overall fell 4.9% and Exports to Europe were down 11.1% in April.

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