Greek economy is in free fall, and Spain could be next

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As Greeks run to the bank to pull out euros in preparation for a possible bankruptcy, economic meltdown, and exit from the Euro – the nation of Spain is also starting to collapse under trickle-down austerity. New economic numbers show Spain fell back into a recession in the first quarter of this year – with its economy shrining by .3%.

Spain has the fourth biggest economy in the Eurozone, but tops the list when it comes to unemployment with a staggering 24.4% of the nation’s workforce out of a job. Even though austerity is clearing not working – the Spanish government remains committed to lowering deficits through severe budget cuts and eliminating the social safety net. Stay tuned – Greece is in free fall now – but Spain could be next.

Thom Hartmann Administrator's picture
Thom Hartmann A...
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Dec. 29, 2009 9:59 am

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I think it's time to give the Greek's the names and addresses of Lloyd Blankfein and the other boards of directors of Goldman Sachs. Time for payback, enough suffering by the many because of the greed and sociopathology of a few.

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Choco
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Jul. 31, 2007 3:01 pm

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The Death of the Middle Class was by Design...

Even in the face of the so-called Recovery, poverty and inequality are getting worse in our country, and more wealth and power is flowing straight to the top. According to Paul Buchheit over at Alternet, this is the end result of winner-take-all capitalism, and this destruction of the working class has all been by design.

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