Michael Schuman obviously is not too optimistic about Spain's future. Here is an article of him in Time.
Some phrases:
"by tanking the economy, the austerity measures are making Spain’s financial standing weaker, not stronger. Despite its new austerity budget, Madrid estimates that the government-debt-to-GDP ratio will INCREASE in 2012, to nearly 80% from 68.5% in 2011. Simply put, Spain is moving backwards."
"When Spain announced it would miss its 2012 deficit target recently, its euro zone partners showed no mercy. [..] Rather than acknowledging the extreme suffering of their Spanish brothers-in-arms, they criticized Madrid and pressured the government into further budget cutting. The government in Madrid, fearing a split with the top brass of the zone, were compelled to cut even deeper. The euro zone is, effectively, administering the poison killing off one of its proudest members."
"What the pain in Spain shows is the folly of the Berlin-backed, rules-based, austerity-crazed response to the debt crisis. Yes, Spain is responsible for its own problems. But Spain is no Greece, either. Unlike Greece, Spain has no history of fiscal irresponsibility."
"The monetary union has become a place where the countries that benefit from the euro grow fat and refuse to share the spoils with their starving compatriots."
Some phrases:
"by tanking the economy, the austerity measures are making Spain’s financial standing weaker, not stronger. Despite its new austerity budget, Madrid estimates that the government-debt-to-GDP ratio will INCREASE in 2012, to nearly 80% from 68.5% in 2011. Simply put, Spain is moving backwards."
"When Spain announced it would miss its 2012 deficit target recently, its euro zone partners showed no mercy. [..] Rather than acknowledging the extreme suffering of their Spanish brothers-in-arms, they criticized Madrid and pressured the government into further budget cutting. The government in Madrid, fearing a split with the top brass of the zone, were compelled to cut even deeper. The euro zone is, effectively, administering the poison killing off one of its proudest members."
"What the pain in Spain shows is the folly of the Berlin-backed, rules-based, austerity-crazed response to the debt crisis. Yes, Spain is responsible for its own problems. But Spain is no Greece, either. Unlike Greece, Spain has no history of fiscal irresponsibility."
"The monetary union has become a place where the countries that benefit from the euro grow fat and refuse to share the spoils with their starving compatriots."
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