Kelvinwright's Blog

postmodern thoughts

The year of discontent continues

The year of discontent continues, as the economic problems facing Europe and the Euro deepen. Concerns are increasing as the Greek government stumbles towards default and another German led bailout remains in doubt. Greek debt and the real possibility of the country going bankrupt were made worse not only by the decision of the European finance ministers to postpone another bailout, but the unwillingness of the Greek politicians to accept that money will not be handed over time and again, unless they first accept that fiscal changes need to be put in place. Yet another round of strikes and yet more rioting in Greece has shown how fragile the situation is in the country.

The latest events in the Greek saga have also provoked fresh worries about the abilities of Portugal, Ireland and Spain to cut debts. The situation in Greece is perhaps good news for the Spanish Government – worse news from Athens keeps the Spanish economic situation out of the headlines. However, mass protests yesterday across Spain, demonstrating against the highest unemployment rate in Europe, against political corruption, and against the whole democratic system mean that unless the Spanish Government accepts its responsibility to do something far reaching right now, España could be the new Greece. Yesterdays protests, in which hundreds of thousands of took part, followed on from the “indignados”, who have camped outside political buildings since mid-May. The affects of a bailout for Spain would be dramatic, given that its population is equal to that of the other three troubled countries put together.

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June 20, 2011 - Posted by | Uncategorized

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