Friday, June 1, 2012

Thom Hartmann: Spain looks like it will be the next domino to fall in the Eurozone crisis

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Over 100 billion euros have left the country in the first three months of this year - that's more than a tenth of Spain's GDP. Fears are growing that just like Greece - Spain will soon need a euro bailout. But unlike Greece - Spain is a huge economy - the fourth biggest in Europe - meaning a bailout would be a lot more expensive - and a default would be catastrophic for the euro.
Meanwhile in Ireland - voters took to the polls to approve a new EU treaty that requires Ireland and other Eurozone nations to meet budget deficit goals through brand new austerity measures. Polls indicate the treaty will likely pass - however results aren't expected until this evening.
(Do you think Spain will get a bailout? Tell us here.)

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