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Spain

Indignados in noisy protest over Bankia bailout

Dozens of Indignados staged a noisy protest outside the headquarters of Bankia in Madrid Saturday.

The protestors were denouncing the multibillion euros rescue of the country’s third largest bank, a move they consider to be a raid on citizens’ pockets.

They strongly criticised the right wing government of Mariano Rajoy for injecting public money into banks without securing any greater accountability while at the same time implementing swinging cuts to education and health.

Among the protesters were small investors negatively affected by the deal to save the bank.

Ahead of the action, one of the organisers, the group Democracia Real Ya, described the €23 billion bailout plan as ‘shameful’ and slammed the ‘impunity’ of the bankers who had brought the bank to its knees.

It contrasted the generosity with the banks with the merciless treatment of one million Spaniards who had  lost their homes due to foreclosures and the ‘many million’ who were poor as well as the millions of citizens relying on public services going under the knife.

Bankia is asking the Spanish state for €19 billion, in addition to €4.5 billion already injected, the biggest rescue in Spanish banking history.

Bankia speculated big on the housing market and lost its bets when the property bubbled burst in 2008. Now ordinary citizens are picking up the tab.

Video of Protest

About revoltingeurope

Writer on Europe's Left, trade union and social movements @tomgilltweets or @revoltingeurope

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