Spain becomes the 4th Eurozone nation to require a Bailout

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One of the biggest dominos in Europe is about to fall.  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?


THISAA's picture
A very few months ago you

A very few months ago you told us in a large number of long rants how secure and thriving the european economy was and we should follow their model. Free healthcare, retire at 60 with large taxpayer paid pensions, free schools, bicycle trails everywhere, 8 weeks mandatory vacation for everybody, and low cost, high speed rail paid for with government money eliminating the need for anyone to have a car. 

Make up your mind.

nimblecivet's picture
Obviously you were reading

Obviously you were reading comic books while you were listening to the show. European countries have strong social safety nets, labor and environmental standards, etc. none of which are responsible for the crisis that the global financiers have wrought upon every nation whatever policies or type of government they may have. Germany includes labor in corporate governance and they are doing the best of the European countries.

THISAA's picture
[quote]  European countries


 European countries have strong social safety nets, labor and environmental standards, etc.


Then  everything is in place and Europe has nothing to worry about. I hope the strong social safety nets can hold up the entire economy of Spain, Ireland, Italy, and Greece.  I know Germany is very pleased. 

Who needs comic books when Hartmann is giving his three hour monologue?

Karolina's picture
If you are not a fan of Thom

If you are not a fan of Thom Hartmann, then why are you here?