Spanish Protests,German Prescriptions - NYT
Demonstrators have been filling the streets of southern Europe’s capitals in numbers too large for politicians to safely ignore, protesting the latest economic austerity measures. Hundreds of thousands have turned out in Lisbon, Madrid and Athens, and more such protests are likely in coming days,reports the New York Times(NYT).
Source : https://www.marocafrik.com/english/Spanish-Protest...
The public is loosing patience with the German govrnment and EU leaders over their austerity measures which have failed to generate jobs and revive the economy as they promised, the NYT says in an editorial.
It’s clear the NYT says that these austerity measures will accelerate depression-levels of unemployment and damage social safety net programs when they are most needed.In Spain, where Prime Minister Mariano Rajoy is struggling to make new budget cuts, without provoking more angry demonstrations at home and fueling secessionist talk in restive regions like Catalonia, the country’s economic powerhouse.New public service cuts, pay freezes and tax increases which Mr. Rajoy announced last week will almost certainly make both the political and economic situations worse.
Experts now forecast a second straight year of negative growth in Spain for 2013, while unemployment, at more than 25 percent, is more than double the European Union average.Germany forces Spain to comply by refusing to expedite badly needed loans which would help capitalise Spanish banks.Spain unlike Greece and Portugal has not had to ask for a full EU bailout which would mean EU control of its finances.
Mr Rajoy wants to rein in spending by Spain's 17 regional governments, but there is a limit to how much can be cut without risking serious social disorder. Pensions are now an important source of income for famiies and must not be cut like unemployment benefit the NYT says.
Time is running out and only a change in economic policy from austerity measures to growth will save the euro,the NYT affirms. More austerity measures forced on desparate governments by Berlin and Brussels will only force a continuing downward spiral, the NYT concludes.
It’s clear the NYT says that these austerity measures will accelerate depression-levels of unemployment and damage social safety net programs when they are most needed.In Spain, where Prime Minister Mariano Rajoy is struggling to make new budget cuts, without provoking more angry demonstrations at home and fueling secessionist talk in restive regions like Catalonia, the country’s economic powerhouse.New public service cuts, pay freezes and tax increases which Mr. Rajoy announced last week will almost certainly make both the political and economic situations worse.
Experts now forecast a second straight year of negative growth in Spain for 2013, while unemployment, at more than 25 percent, is more than double the European Union average.Germany forces Spain to comply by refusing to expedite badly needed loans which would help capitalise Spanish banks.Spain unlike Greece and Portugal has not had to ask for a full EU bailout which would mean EU control of its finances.
Mr Rajoy wants to rein in spending by Spain's 17 regional governments, but there is a limit to how much can be cut without risking serious social disorder. Pensions are now an important source of income for famiies and must not be cut like unemployment benefit the NYT says.
Time is running out and only a change in economic policy from austerity measures to growth will save the euro,the NYT affirms. More austerity measures forced on desparate governments by Berlin and Brussels will only force a continuing downward spiral, the NYT concludes.
Source : https://www.marocafrik.com/english/Spanish-Protest...