On Saturday - Spain's Finance Minister announced his country would
become the fourth Eurozone nation to have to take a bailout to stay
afloat. Reports suggest that the Spanish bailout could cost as much as
100 billion euros, but will likely not come with tough new austerity
measures since Spain has already passed harsh spending cuts to rein in
its deficit, and that step has only made the problem worse.
The Spanish austerity agenda has increased unemployment to over 24%
- the highest in the Eurozone - and now put a bailout on the table when
just ten days ago - Spain's Prime Minister said his country would not
need a bailout. Immediately after the announcement - Greece's
anti-bailout SYRIZA Party leader - Alexis TSipiras - slammed current
euro economic policies saying, "Developments in Spain confirm the
position that we have maintained from the start. Namely, that the crisis
is a pan-European problem and that the way it has been dealt with until
now has been completely ineffective and socially disastrous."
Not only that - the EU's insistence on austerity may collapse the
union altogether. As a Spanish government insider told the Guardian
newspaper, "If Spain falls, the euro falls. There is not enough money at
the IMF and in the European rescue funds to bail out the Spanish
state." This is just more proof that Republican austerity measures like
those pushed by Paul Ryan and Eric Cantor not only destroy economies but
are insane?
-Thom
(Are they insane? Tell us here.)
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