Friday, June 08, 2012

Spain to Seek EU Bank Aid Saturday: Reuters

Sudden Escalation of Crisis 

Reuters is reporting that Spain, the world's 12th largest economy and the fourth largest Euro Zone economy, is about to ask Europe to help recapitalize its stricken banks, becoming the fourth country to seek such assistance since the European debt crisis began. Read more.

Europe's decline is accelerating. The European idea is dying, or being destroyed, rather, by those who seem to seek to restructure more than banks; a grand, political and economic restructuring of the Continent appears to be the real aim. How else to explain the seemingly irrational determination to stick to a failed policy--austerity during depression/recession--which is impoverishing the middle classes?

Related: Spanish Factories Closing; Miners Clash With Police; People Losing Homes