Soon newspapers will be reporting that Spain has finally requested a bailout for its financial sector, which will be accompanied by very strict conditionality. Strict is an understatement. The terms agreed in the leaked Memorandum amount to an unconditional surrender. The Troika will be given free rein to impose its agenda. The Spanish government has betrayed its citizens. In exchange for this sacrifice of sovereignty, all Spaniards are promised in return is unending sacrifice. Never mind that this has already been tried and has failed miserably elsewhere.
When we read in the press that “Spain is being bailed out,” remember that they are obliged to observe certain norms of propriety. Imagine a more vulgar term, and obtain a clearer picture of the Spanish reality. Today we get cuts to unemployment benefits, cuts to pensions, a raise in the VAT, etc. Tomorrow will bring more of the same, just worse. These endless, self-defeating cuts are not a growth strategy. The Spanish Memorandum is an immoral document that will be impossible to implement. The whole exercise is pointless, which makes it all the more tragic. Millions of lives are being ruined on account of immense stupidity. More children will be going hungry and more adults will be living in the street in order to bailout a reckless financial sector.