Spain making an official request for bank aid might be a step along the path to an ESM bailout request but it’s certainly not the full monty.
The euro busted through well-touted barriers at 1.3050 but stalled ahead of a second barrier at 1.3075. Buy stops added to the move and may be continuing to keep the euro higher.
This is why Spain is a long ways away from making a sovereign aid request:
As long as borrowing costs are below 6% and especially if they’re falling (and they’re at an 8-month low today), Spain won’t ask for money.