IT WAS designed to rescue Spain and, as a result, the euro. So why has the government in Madrid not immediately jumped into the life raft built by Mario Draghi, the president of the European Central Bank, with his bond-buying plan? The answer has a name: Mariano Rajoy, the country’s studiously enigmatic prime minister.First, Mr Rajoy continues to pretend that Spain might not need a bail-out. “Before taking a decision we must see whether it is really necessary,” he said recently. Few Spaniards are fooled. Mr Draghi’s announcement has pushed bond yields to levels lower than when Mr Rajoy’s centre-right People’s Party won power in November. But that will not hold for ever. Spain’s economic mess—a combination of ailing banks, double-dip recession and 25% unemployment—is getting worse. Mr Rajoy’s labour and other reforms may eventually help, but in the meantime, the patient needs an emergency infusion.Second, Mr Rajoy knows that Spaniards will find the tutelage humiliating. Polls show his government losing a third of its support in just six months. In Greece, Ireland and Portugal bailed-out governments were quickly ejected. This explains why Mr Rajoy’s government—despite a solid parliamentary majority and four more years in power—does not dare to use the B-word.Third, Mr Rajoy claims that Spain does not need to be told what to do. He insists his government will manage to cut a...
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