Tom McDonnell: The Spanish Memorandum of understanding is here. EL Pais has distilled it down to 32 key points here. Eurointelligence helpfully translates these points here. The average maturity of loans will be 12.5 years.
Spain is required to introduce legislation to apportion losses to several classes of shareholders and subordinated bondholders by late August 2012 and to legislate for a bad bank before the end of Autumn.
Bad news for Ireland as it looks like all the risks will remain with the Spanish sovereign. Spanish 10 year bonds were at the unsustainable rate of 6.91% as of this morning.