100,000 march in Spain over austerity

[Political Junky]

At least 100,000 Spaniards angered by grim economic prospects and the political handling of the international financial crisis have turned out for street demonstrations in the country's cities, marking the one-year anniversary of a movement that inspired similar pressure groups in other countries.
Tens of thousands of protesters in Madrid flooded into the central Puerta del Sol plaza in the evening and aimed to stay for three days. But authorities warned they wouldn't allow anyone to camp out overnight, and up to 2000 riot police were expected to be on duty.
"I'm here to defend the rights that we're losing and for the young people who have it so tough," 57-year-old middle school teacher Roberto Alonso said. "They're better educated than ever. But they don't have work. They don't have anything. They're behind and they'll stay that way."
Advertisement: Story continues below
At least 20,000 people demonstrated in Barcelona. Marches were also held in Bilbao, Malaga and Seville. Sympathisers held protests in other European cities.

Read more: 100,000 march in Spain over austerity

 

[Euro]

A lot of spanish people come here to find work. They may have a high level of education, but they don’t have the right skills.
They may be well educated, but the problem is that they don’t have the right skills. A master’s degree in marketing,psychology, history or humanities isn’t worth much.

An engineer,craftsman or programmer is much more employable.

 

[LogikAndReazon]

Its going to be quite enjoyable watching the European Socialist Union implode, unravel and disintegrate...............

Even more enjoyable profiting from it............................lol

 

[eflatminor]

"I'm here to defend the rights that we're losing and for the young people who have it so tough," 57-year-old middle school teacher Roberto Alonso said. "They're better indoctrinated than ever. But they don't have work. They don't have anything. They're behind and they'll stay that way."

There, fixed that for you Roberto...

 

[Toro]

Say "adios" to the euro, Espana.

 

[Synthaholic]

"I'm here to defend the rights that we're losing and for the young people who have it so tough," 57-year-old middle school teacher Roberto Alonso said. "They're better indoctrinated than ever. But they don't have work. They don't have anything. They're behind and they'll stay that way."

There, fixed that for you Roberto...

Reported.

 

[Synthaholic]

Say "adios" to the euro, Espana.

Good article about that:


http://www.nytimes.com/2012/05/16/b...-may-be-better-than-the-alternative.html?_r=1

 

[eflatminor]

"I'm here to defend the rights that we're losing and for the young people who have it so tough," 57-year-old middle school teacher Roberto Alonso said. "They're better indoctrinated than ever. But they don't have work. They don't have anything. They're behind and they'll stay that way."

There, fixed that for you Roberto...

Reported.

Someone needs a self absorbent wipe...

 

[Synthaholic]

There, fixed that for you Roberto...

Reported.

Someone needs a self absorbent wipe...

Sorry you are butthurt. It's against the rules to change quotes.

 

[eflatminor]

Reported.

Someone needs a self absorbent wipe...

Sorry you are butthurt. It's against the rules to change quotes.

You do have this thing about hurting butts. Something you want to get off your chest?

Anyway, thanks for being the self appointed hall monitor we all need and love. For surely, no one could see that I changed the quote without your help. The use of bold text, the fact I drew attention to the change in my text...naw, we couldn't manage to converse here without you...

 

[JStone]

What, a cutback in daily 18 hour siestas? Poor bankrupt babies

Hasta la vista, motherfuckers!

 

[Jos]

Poor bankrupt babies, will be the bankers when they find out their loans have gone bad

 

[JStone]

Poor bankrupt babies, will be the bankers when they find out their loans have gone bad

When the world shits, it flows to spain

 

[ekrem]

When the world shits, it flows to spain

They kicked the shit out of their country in 15th century.
Alhambra Decree - Wikipedia, the free encyclopedia

Hurt feelings, soap-boy ?

 

[JStone]

When the world shits, it flows to spain

They kicked the shit out of their country in 15th century.
Alhambra Decree - Wikipedia, the free encyclopedia

Hurt feelings, soap-boy ?

Turkey is a third world, racist shithole, like spain. You muslime motherfuckers even took over spain in the 8th century and changed its name to al andalus. Took the lameass spics 800 years to finally expel the pedophile worshippers.

 

[rus2012]

Good luck in your Spain struggle!

 

[waltky]

Aye! Caramba...

Stocks fall on Wall Street as Spanish bank teeters
25 May `12 — Another flare-up in Europe's debt crisis knocked U.S. markets lower Friday. This time, it was more trouble at a major Spanish bank.

Stock indexes were waffling between small gains and losses until news broke in the afternoon that Bankia, a hobbled Spanish lender, asked that country's government for $23.8 billion in support. Earlier in the day, Standard & Poor's cut the bank's credit rating to junk status because of deepening uncertainty over its restructuring plans. The Dow Jones industrial average dropped as much as 108 points, then recovered slightly to end down 74.92 points at 12,454.83. Concerns about Europe have sent the Dow on a steady slide this month, erasing most of its gains from the first quarter. It finished the week slightly higher, its first weekly gain for May. The declines were broad. Eight of the 10 industry groups in the Standard & Poor's 500 index fell. The only sectors that rose were utilities and telecommunications, which investors tend to buy when they're skittish about the market. Trading volume was light ahead of the Memorial Day holiday.

Facebook, marking its one-week anniversary as a public company, fell 3.4 percent to $31.91. Talbots, the women's clothing chain, plunged 41 percent to $1.51 after announcing that a deadline expired without a deal to be bought by a private equity firm. In addition to the new worries about Spain, the head of Germany's central bank, which has been skeptical of bailing out Greece and other weak European countries, reinforced the point when he said it was an "illusion" to think allowing euro zone countries to borrow money jointly would solve the crisis. In Asia, media reports suggested that some of China's biggest banks will miss their annual lending targets for the first time in seven years, and Taiwan lowered its economic growth forecast for the year. Caterpillar, which relies heavily on demand from China, fell 1 percent.

In other trading, the Standard & Poor's 500 index fell 2.86 points to 1,317.82. The Nasdaq composite fell 1.85 points to 2,837.53. Stock indexes in France, Britain, Germany and Spain rose, while Greece's ATHEX plunged 3.5 percent. Borrowing rates edged higher for Spain and Italy. Greece's June 17 elections are an overhang on the market. The results will determine if Greece agrees to the spending cuts that it must swallow if it wants to stay in the 17-country euro zone, or if it goes its own way. The idea of cutting government spending is unpopular in a country which is in a fifth year of recession and residents have grown accustomed to public-sector largesse. But if Greece left the euro zone, it would have to revert to its own currency. That would be severely devalued, and the country's standard of living would probably be crushed.

Greece makes up just 2 percent of the euro zone economy, but its fate would carry ripple effects to other, larger members. Unnerved traders could dump the bonds of other struggling European countries, such as Spain and Italy. Residents could start to pull money out of banks there, as has been happening in Greece. The standoffs so far have almost always lasted until the 11th hour. "Every time you think it's going to fall off a cliff and end very badly, something happens," said Beata Kirr, senior portfolio manager at Bernstein Global Wealth Management in Chicago. "The European Central Bank steps in to buy Italian and Spanish bonds. Or Germany softens its stance on austerity. All of these things have happened when it's past the precipice."

Source

See also:

Spain's loss-making Bankia vows transparency
26 May 2012 : The health of Spain's banks are key to whether the country might need an international bailout

The head of Spain's fourth-largest bank, Bankia, has promised more transparency, a day after announcing huge losses and asking for a bailout. Jose Ignacio Goirigolzarri told a news conference a full restructuring plan would be finalised by the end of June. On Friday, the bank revised its 2011 results from a profit of 300m euros (£240m; $375m) to a 2.98bn-euro loss, and asked the state for 19bn euros. The Madrid stockmarket suspended trading in Bankia shares on Friday. The bailout of Bankia would be the biggest of its kind in Spanish history and would largely nationalise the bank.

Mr Goirigolzarri said the bank would use the bailout money to clean-up losses from loans made during the construction boom and protect against future losses. In the news conference, he stressed how the bank had to look to the future and move on from the crisis. "We are mindful that we will be managing a bank with public participation and will do so with all the professionalism, austerity and transparency we are capable of applying," he said, according to a transcript on Bankia's website. The BBC's Tom Burridge in Madrid says the fear is that Spain's financial crisis and recession will continue, and more people will default on their mortgages.

Credit downgrade

Spanish banks, which lent heavily during the property bubble, are seen as particularly shaky as they now hold massive amounts of soured investments. Shortly after the bank announced its huge losses, rating agency Standard and Poor's (S&P) downgraded the bank, along with four other lenders, to "junk" status. The government had already intervened earlier this month and awarded Bankia a 4.47bn-euro loan. Bankia had to reassure savers last week that their money was safe after a Spanish newspaper reported a run on the bank. Bankia was created in 2010 from the merger of seven struggling regional savings banks. It holds 32bn euros in distressed property assets. Its shares fell 7.4% on Thursday to close at 1.57 euros, down 58% from their listing price in July 2011.

There have been four attempts by Spanish governments to shore up the banking system since the global financial crisis of 2008. As part of the latest plan, lenders are having to make 30bn euros of extra provisions to cover potential losses on property loans. This is in addition to 54bn euros they were ordered to set aside in February. The health of Spain's banking system is key to whether the country eventually needs to seek a bailout itself from the eurozone and the International Monetary Fund (IMF). Spain's credit rating was downgraded by S&P last month on the basis that it would probably have to take on more debt to support its banks.

http://www.bbc.co.uk/news/world-europe-18216793