The Pain in Spain
Spain is one of many troubled Eurozone economies getting worse, not better.
by Stephen Lendman
Ireland, Portugal, Italy, Belgium, are Spain replicate Greece in slow motion, gain speed, and head toward a similar train wreck. France, the Netherlands, and other troubled EU economies follow close behind.
Austerity cuts exacerbate problems. Public rage expressed in strikes and street protests follow. Politicians pay no heed and plan more.
At the same time, they allocate hundreds of billions in vital revenues for criminal bankers responsible for the crisis in America and across Europe.
No wonder John McMurtry calls predatory capitalism a "cancer system." It gets "cumulatively worse the longer it is unrecognised."
On March 31, the European Financial Stability Facility (EFSF) pledged an additional 200 billion euros for the European Stability Mechanism (ESM). It raises its total amount to 500 billion euros. Its overall firewall totals 800 billion euros, or does it?