Ok, the pressure is on. The hapless Mariano Rajoy is trying hard to get support without the destructive terms attached to such ‘bailouts’ by The Frau machine. And quite rightly so. Spain already has the highest unemployment figure for Europe at around 24%. All it need now is a set of Nonsense austerity measures to push it over the brink.
But No… says The Fray machine, if you are going to use the bail out fund you will have to abide by the rules! Sticklers for rules those Germans. I do believe the notorious concentration camps were also run be very strict rules. You must be governed by the rules! As for flexibility in an emergency? What? Flexibility only applies to working conditions. And all it means is depriving labour of all and any rights.
So no flexibility. Spain will get bailed out but Spain will be subjected to the stringent austerity measures that go with these loans. Because make no mistake, this is neither aid nor a hand out. It is a loan paid for by the taxpayer. Nevertheless, we may make a few concessions on how to present this agreement. You know, sort of a face saving document of some kind which will state that black is not black but just a darker shade of gray and really Spain is an exception. (Another exception? Well something like that.)
But if that is indeed the case, and at this point it does seem likely, then my suggestion would be, don’t bother! Don’t even bother! How do they imagine Spain’s banks will be saved by crushing Spain’s economy and hurling it into rising recession? You prop up the banks with funds presumably to be paid for by the taxpayer as in Ireland (and Greece) on condition that you destroy your economy through tax hikes, imposition of greater unemployment (to Spain? I was going to say ‘have a heart’! But not even that. Simply, ‘have you no sense?’).
So you temporarily prop up the banks. They don’t fail in the immediate future. Meanwhile the inhuman terms you have imposed lead, not to a sudden run on the banks but to the slow and accelerating trickle of funds out of Spain and into Germany (mostly), the economy goes from bad to worse, civil unrest rises, eventually the banks do go belly up BECAUSE of the terms of the bail out. Capital will have drained away. All monies will have been sucked out of the economy to pay loans, and hence out of the banking system. Businesses will have dwindled. And the Banks go bust. Anyway!
Why put the people of Spain through all that inhuman suffering when you already know what the result will be? If the banks are to fail let that happen now rather than after thousands of suicides as is happening in Greece.
Stop this folly! Stop it now!