The countries of the Iberian Peninsula are following in the footsteps of Greece. The Greek movement “I Don’t Pay” has been spreading across Europe, where the impact of the fiscal crisis is mostly felt.
The financial crisis is threatening the quality of life of another proud nation – Spain. The austerity measures are pushing people in poor conditions, tearing them apart with either strict measures, loans and memoranda, or total financial destruction.
The right-wing Prime Minister of Spain, Mariano Rajoy, has been worrying people on the grounds that the economic situation is extremely difficult and every alternative to the harsh measures would be unimaginable. The Spanish workers, pensioners and jobless should “not foul themselves,” as every financial reform is for the better, he says.
Portugal is experiencing the same economic drama. They are about to receive a fourth health loan from the IMF.
Germany is said to have gained many millions of Euros from lending to Greece. The rate for Germany to loan money is practically zero, but it lends to Greece at tremendously high rates. The leader of PASOK made a relevant statement in an interview he gave with the German magazine Der Spiegel.
Former Greek Minister of Finance Evangelos Venizelos claims he’s saved Greece from bankruptcy by entering the PSI and signing the new loan agreement. Why CACs and CDSs have been triggered remains to be explained, however. Perhaps, some small print wasn’t carefully examined or most of all, publicly announced.
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