I live in Spain, the Country that just received a 100 Billion Euros bailout to rescue its banking system from the EU. I’m not an expert in economy, only domestic economy. So this kind of things, when people began to talk about more than several thousands of Euros made me light-headed. The counter of my mom’s bank tried to explain to me what is happening and what’s best to do to keep safe my salary and tiny savings now that the small banks are merging or selling, and I still perplex.
Now it seems there will be money to assure our money will come back to us if we want it (no Argentinian “corralitos” for Spain) and that’s a relief, but we don’t know what will be the cost of all that, because nobody gives a “line of credit” as Mr Rajoy, the President of the Government called the help received, without interests.
This solution, according to Rajoy permits to called what happened with Spain a help in solidarity from the EU and not a “rescue”. Rescue is a tabu word. Rescue means Greece, a total disaster, a government fallen, a population in revolt and an economical political, and general situation truly worst than the one in Spain. Rescue means failure.
Right now no Country wants a Rescue, because every one has his pride, and that Rescue means also intervention against the sovereignty, means to be governed from outside: from Berlin and Paris. Or at least it sounds like that to the people.
In Spain this days with the soccer Eurocoup final series playing in Poland a lot of products in their commercials had used the crisis as an argument. They say we cannot do nothing but let’s show Europe what we can do when we are together! win the coup! As the World champion and Euro champion, Spain defends the title but didn’t start so well: a tie with another troubled European Country: Italy (1-1). If all the hope and pride is now in the soccer players, let’s pray they win to bring some happiness home. If not, the sense of crisis can be maybe even more devastating for many people.
- You Say Tomato, I Say Bailout: How Spain Agreed to be Rescued (world.time.com)
- Spain relieved, angry over humiliating bank rescue (news.yahoo.com)
- Spain and the euro crisis: when €100bn doesn’t fix much | Editorial (guardian.co.uk)