Global markets are doing great on Monday morning after Spain agreed to a 100 billion euro bailout package, but it may only be a temporary oasis before reaching Europe's next crisis point. The exact details of the Spanish rescue plan still haven't been worked out — including whether it should actually be called a "rescue" — but the EU agreement to fund around $125 billion in loans to Spanish banks has eased fears of an imminent collapse of the fourth largest economy in the eurozone.
Spain was originally going to wait until stress tests were done on the banks later this month before deciding exactly how much to ask for, but ultimately decided to quell the nervousness around the region by agreeing to the package now and working out how much money each bank will get later.
However, some are already questioning whether the Spanish bailout (or "Spailout") will be enough to actually solve the underlying problem, as the loans will be channeled through the government, adding even more money to the country's debt. Nobel-prize winner Joseph Stiglitz resurrected the old phrase "voodoo economics" to describe the new plan, complaining that it's just another temporary band-aid that won't cure the disease. Still, all the major indices are up sharply today, including Spain's own stock market.