The last few days haven’t been good ones for truth and accuracy on Spain’s political scene. In fact, for those who follow the news closely, it’s been downright confusing. Popular Party (PP) spokesman Esteban González Pons should shoulder at least some of the blame, after sheepishly backtracking on a pledge, made on September 7, that his party would create 3.5 million jobs over the next four years if it wins the November 20 general election. It was a target that meant slashing Spain’s unemployment rate by 70 percent. 3.5 million? Of course not, González Pons said the next day, after PP apparatchiks were left scrambling to make sense of his boast. What he meant to say, he explained, was … [Read more...] about Truth is the casualty as Spain’s campaign heats up
spanish debt
Spain: Too big to fail?
The European Union’s three victims-so-far of the global financial meltdown have, not incorrectly, been described as the economic bloc’s periphery. Their economies are relatively small and, though at times worries about their debts have undermined the euro currency, their problems – even taken in combination – are hardly likely to bring the bloc to its knees. Individually, they were sick from a debilitating cocktail of similar problems: bed-ridden with debt and weak from a bad diet of profligate government spending and loan-happy banks. Nothing, it seemed, that a dose of bailout money from the EU and IMF could not cure with a trip to the emergency ward. Spain is showing similar symptoms. … [Read more...] about Spain: Too big to fail?
The market tears up Zapatero’s social contract
“My government’s ambition is to make this an innovative, creative, entrepreneurial country while upholding the social welfare state… I think we should learn the lesson of the Great Depression: when an economy enters a deep recession, the only way we can come out of it is from a big push from the public sector.” José Luis Rodríguez Zapatero uttered these words less than a year ago. At the time, with Spain mired in recession, critics could argue with his ideological stance, but nobody could doubt his convictions. However, the prime minister’s announcement on May 12 of a broad and radical raft of austerity measures has seen him perform the biggest U-turn of his six years in government … [Read more...] about The market tears up Zapatero’s social contract