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Spain: the Pain of Austerity Deepens

 
DoorBert

User ID: 870568
United States
01/03/2013 06:32 AM

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Spain: the Pain of Austerity Deepens
Unemployment in Spain already stands at 26%. Crowds scavenge the streets at night for food. And life is about to get tougher still

As Spain enters another year of recession, Europe’s politicians offer only one remedy. It must swallow more of the harsh medicine of austerity. But will it survive the cure? And will the spiral of decline really come to a halt towards the end of the year, as Prime Minister Mariano Rajoy promises?

Restricted by the euro straitjacket and unable to devalue its currency, Spain is on the slow, painful path of internal devaluation. That means Spaniards must become poorer – accepting lower wages, lower pensions and worse public services. That way, they are told, their economy can become more competitive, making cheaper goods to consume itself or sell to the rest of the world. “We can only get out of this crisis by working more and, unfortunately, earning less,” said former employers’ federation leader Gerardo Díaz Ferrán two years ago. He was not, of course, talking about himself. Díaz Ferrán’s own companies have since gone bust and the workers sacked. But prosecutors claimed Díaz Ferrán stole money from his companies first – ensuring himself a high-end lifestyle that included a Rolls-Royce and two luxury apartments overlooking New York’s Central Park. In 2013, Spaniards will undoubtedly find out more about the former leader of Spain’s most powerful business lobby – a man who allegedly paid no income tax in 2009 or 2010. But his grim recipe for the future still holds.

[link to counterpsyops.com]
DoorBert (OP)

User ID: 857877
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01/03/2013 07:08 AM

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Re: Spain: the Pain of Austerity Deepens
Mortgage Nightmares - Evictions Become Focus of Spanish Crisis

After a record number in 2012, evictions in Spain have become the symbol of a crisis that shows no signs of improving. Next year isn't likely to be any better, but with more attention now being paid to those losing their homes, relief in the form of legal reform may soon be on the way.

[link to www.spiegel.de]
DoorBert (OP)

User ID: 857877
United States
01/03/2013 07:12 AM

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Re: Spain: the Pain of Austerity Deepens
Spain’s Chinese Immigrants Thrive in Tough Economy

Today, while Spanish youth unemployment hovers around 50 percent, Ms. Wang, 24, who studied economics at Harvard on a one-year fellowship, juggles four jobs: teaching Mandarin, advising Chinese investors in Spain, running a publishing house and writing romantic novels. She sends home €1,000, or about $1,300, a month to support her parents, who retired last year.

Her family’s story is telling of the ways many of Spain’s 170,000 Chinese immigrants have managed not only to weather a tough economy but even to thrive, aided by intense labor and a strong Confucian model of family loyalty, while joblessness and cuts to government services have left other Spaniards struggling.

“The Chinese family is less dependent on the government because the family is the welfare state, the bank and social services, all wrapped in one,” Ms. Wang said.

[link to www.nytimes.com]
Anonymous Coward
User ID: 31405288
Spain
01/03/2013 07:12 AM
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Re: Spain: the Pain of Austerity Deepens
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