Olé: R$75 billion bailout humiliates Spain
To bail out Spanish banks, the European Union imposed extremely harsh conditions: labor reform, central bank independence, and tax increases; Prime Minister Mariano Rajoy accepted, but the question is: will the protesters filling the streets of Madrid accept it?
247 - Champions of everything in football, the Spanish have found in "La Furia" – the nickname they give to their national team – a source of pride. Something absolutely necessary in these times, when the country is facing its biggest economic crisis.
On Tuesday, the conditions for the €30 billion (approximately R$75 billion) bailout imposed by the European Central Bank on the country governed by conservative Prime Minister Mariano Rajoy were released.
In total, there are 32 demands, which include points such as: (1) independence of the Spanish central bank, (2) labor reform, making rights more flexible and reducing the cost of labor in the country, (3) tax reform, raising taxes so that the country can honor its commitments, (4) consistent reduction of the public deficit, (5) increased capitalization of Spanish banks and (6) permanent auditing of the finances of the country's financial institutions.
With no alternative, Mariano Rajoy accepted the conditions imposed, above all, by Angela Merkel. But all these measures are likely to worsen the recession in the country, encouraging new marches of the indignant. For more than a year, movements like the M-15 have been filling the squares of Madrid and other Spanish cities, protesting against the economic recession.
More and more, Spain resembles a South American country from the 80s or 90s (click here and read(in English, the document outlining the conditions imposed on the Spanish).