However, the analyst notes that Rajoy himself continues to keep his card close to his vest. "After meeting with the King earlier, Rajoy said that his decision still depends on knowing how the mechanism will work and the new conditions associated with ECB bond purchases".
"Rajoy's comments themselves support the idea that the two decisions--EFSF funds for Spanish banks and bond purchases", says Chandler. "Rajoy explains that he sought funds for the recapitalization of Spanish banks "because it seemed reasonable"..."and now, if it seems reasonable, we will do the same" [request EFSF bond purchases]. "As is logical, until we know what we are talking about [conditions], we will aren't going to take any decisions."
"If truth be told those conditions do not appear to have been decided yet. Draghi has hinted that the mechanism will be developed in ECB committees. Our conclusion then is that Rajoy is most likely continuing to flirt", BBH analyst concludes.