I think the Spanish government hesitated, hoping that there would be other means of financing with no conditionality attached. 4  BIS central bankers’ speeches  Are you afraid of hyperinflation?
It is not a question of German “Angst” of hyperinflation, it’s the lesson of our more recent European history in the 1970s and 1980s when countries like Italy, Spain and France experienced intolerably high inflation rates. I don’t want to reopen the debate with our Italian friends on the marriage between the Bank of Italy and the government until 1981.