Spain looks like it will be the next domino to fall in the Eurozone crisis
By louisehartmann
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.
Comments
#2
I don't think the austerity part ever got started but the tax increases did. They are in the death spiral, European socialism does not work.
#3
thank you Thom you are great american.....send love and wisdow be you
#4
Austerity for Windsor Palace!
Austerity for Bush!
Let them split their toilet papers
for every Act of Tush!
Let Congress live on soy food-
their benefits decrease.
Till every child's plate is full,
all Whitehouse dinners cease.
#5
Sounds like the Irish have been down at the pub too long. If they want austerity, that's their choice. I just hope they realize it never works and the why of their economic woes which are very similar to ours.
In essence, the same Ayn Rand economic libertarianism of Larry Summers and Alan Greenspan that helped create the "financial innovations" that would magically lift all boats and that now reside in the 700 trillion dollar swaps black cloud that hides international theft by megabanks that brought the middle class to its knees is now also bankrupting Europe.
Of course, if Spain and Greece have an economic meltdown it will ripple back to us. It's like a boomerang to Wall Street. It started there and it will come back to haunt them.
Supply-side extremism is always a hay-day for the 1% (think Roaring Twenties). It leads to economic recession and depression. Then the austerity frenzy begins and pulls the rug out from under any vibrant middle class. FDR got it right and pulled us out. Obama can't be FDR because the frenzied right won't let him.
Americans don't understand what's happening or the mechanics of the grand theft going on. It's really quite bizarre and in some ways unprecedented. What is tragic is to see our old managed democracy being unraveled in the process. I don't mean to sound hopeless, we're not. I just mean we're going to have to pull a rabbit out of the hat to wiggle out of this one.
Right-wingers who are drinking Kocha cola think that government is the problem. They've actually already rendered government impotent in the "starve the beast" game. This "plan" they have is going to hurt the average Republican as much as anybody else. Many of them will turn around one day and wonder what they were thinking. They weren't. Roger Ailes was thinking for them. And even Murdoch once called Ailes "crazy."
#6
If you think socialism caused the European crisis, you have a lot left to learn.
#7
Socialism doesn't work and we are seeing these socialist countries fall like dominoes. The U.S. thinks things are bad but over there, it is much worse. It is said that Spain ended a lot of their jobs with the "green energy". Sure, green energy is good but you can't kick people to the unemployment line to get there.
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Sometimes people need to think about their personal preference before they push their agenda so much that countries economies collapse and more harm is done.
#8
I agree. It is not socialism when the workers owe the monarchs for every necessity of life.
#9
I am not Irish and I don't drink. You don't get it- we are all going to become united with The Fatherland, Germania, in the year 2023. The financial arrangements were made long ago. First we will be convinced to merge North America with Great Britain.
#10
Thom you need to get this guy on the program, He's been taking on the banksters and winning! His name is Attorney Doug Rhoades and here is an interview he did on the local conservative program.
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THis EU treaty is definitely NOT the way to go... being austere is not going to generate any jobs or stimulate the economy!! Music To Meditate To