Spanish leaders on Thursday urged Europe to centralize policy on the budget and tax on the common currency—and also save the country the humiliation of asking for a bailout. Spain rejected the demands of European leaders who have insisted on a rescue plan that could have unpleasant consequences for the country. Sources familiar with the negotiations said Spanish leaders feel the euro’s meltdown is not the fault of Spain, but rather the lack of centralized policy by the European Union—and without any established policies, the euro could collapse within several months. As the fourth-largest economy in the Euro Zone, Spain holds a trump card in that its economy is considered too big to fail and also too large to intimidate.
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