It appears that Spain is following the Greek example and is on at the brink of financial collapse,
a sure sign that the methods used by the world financial markets are incapable of resolving
real and human problems. The new crisis follows the failure of the sale of Spanish bonds which
have forced Spain to borrow money to cover deficits at huge 5.8% interest rate! So Spain is being firced to borrow at very high prices to pay interest on already huge debts an endless downwards spiral which will increase unemployment to more than the current 23% and infalte the existing debt even more!
The crisis comes just after Spain’s right wing government released details of 26 billion in tax increases and spending cuts intended to reduce the budget deficit from 8.5 percent of gross domestic product to 5.3 percent this year.
This is the time for the people to take control and regulate the markets and not allow the small number of bankers who benefit from global turmoil to push the world into a deep depression.