//
you're reading...
Spain

Five things you should know about Spain’s bank rescue

The size and the impact of Spain’s humongous bank bail that came in the wake of the 2007-2008 final crisis – caused by the out of control financial sector, including in Spain – is being concealed. Here’s what you should know about it in five points:

1. Losses to the Spanish people from the public rescues the Spanish banking will exceed 130,000 million euros. None of the organisms that have the information on this matter (Bank of Spain, Spanish government, European Commission) has published or intends to publish the real numbers; on the contrary, it has diluted them, falsified and concealed them.

2. This number is huge compared with the cuts to public services, welfare and standard of living of Spaniards.

3. This huge publicly financed bail out has not had any positive effect on the economic growth of Spain, nor on the increase of the credit, which keeps on diminishing.

4. The rescue has been much more expensive for the citizens than the cost of allowing the broken banks to fold in an orderly and socially acceptable fashion.

6. The administrative and/or judicial punishment of those who, by their actions, through irrational or venal omission, are responsible for the meltdown of the Spanish banking sector and the horrendous social consequences, has not yet occurred.

More on the matter by Miguel Ángel Lorente y Juan-Ramón Capella (in Spanish)

About revoltingeurope

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

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Twitter Updates

Enter your email address to follow this blog and receive notifications of new posts by email.

DATA

Anti-social Europe in numbers

WAGES SLIDE

Key facts and figures on wages across the EU

Wealth Inequality in Europe

Get the key facts and figures

RADICAL VOICES

A different take on European issues

Italy’s Healthcare Crisis

Health services are ‘close to collapse’ in Rome, Turin and Naples after years of cuts and privatisation.

550 days, 29 Workers, Zero Job Losses

How a few determined Italian women stopped their factory closing and protected their livelihoods

Filthy Rich

France's Bernard Arnault of the Louis Vuitton Moet Hennessy (LVMH) empire is worth $41 billion. Check out Europe's rich list

SANTA DRAGHI’S COMING

Private banks receive half-trillion-euro gift from ECB

POPULAR FIGHTBACK

Workers and citizens stand up for themselves

FLORENCE’S BUS LUMACA

Workers are on a go-slow over privatisation

Popular resistance delivers results

Lessons from the victory against Madrid privatisation plan

FRENCH FACTORY OCCUPATION

Hundreds of workers occupied the factory of ArcelorMittal in Florange in the north of France

RSS Fight discrimination in Europe – Amnesty Int’l

  • An error has occurred; the feed is probably down. Try again later.

DOMESTIC VIOLENCE

in Italy the home is a very dangerous place to be

LABOUR RIGHTS

Follow Revolting Europe on WordPress.com

Subjects

EUROPE NEEDS A CITIZENS’ REVOLUTION

Read the statement by Lafontaine and Melenchon

The Troika in Portugal – Three Years On

A success story?

THE EURO

The Dossier

FRANCE

GERMANY

GREECE

ITALY

PORTUGAL

SPAIN