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Zapatero says austerity averted EU bail-out

Spain would "very probably" have needed a bail-out by the European Union last year without the government's imposition of a harsh austerity plan, José Luis Rodríguez Zapatero, the Socialist prime minister, said on Friday.

Mr Zapatero was defending his record ahead of regional and municipal elections on Sunday that are likely to see the Socialists lose substantial ground to their rightwing opponents in the Popular party (PP).

He and his government now face criticism not only from the PP but from thousands of young Spaniards, many previously sympathetic to the left, who have staged demonstrations in cities across the country to protest against high unemployment and the domination of politics by the two main parties.

Wind power
by Jerome a Paris (etg@eurotrib.com) on Fri May 20th, 2011 at 10:28:58 AM EST
He meant to say that by doing what the ECB orders he still counts on the ECB to treat spanish debt as European debt.. and expects the ECB to buy as much debt as needed to keep interest rates below 5.5% for the 10 year-bonds.

Of course, if Trichet one morning has not been treated properly in his super-ego he can send Spain the way he is sending Greece.. and finish off the euro.. well finishing Spain, because I am not sure the Spanish politicians will have the courage to send France and Germany right-wing nuts to hell and break with the euro.

A pleaure

I therefore claim to show, not how men think in myths, but how myths operate in men's minds without their being aware of the fact. Levi-Strauss, Claude

by kcurie on Fri May 20th, 2011 at 11:43:20 AM EST
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