Crisis In Spain

A trader talks on the phone during a Spanish Treasury bills auction at a private bank in Madrid on April 17, 2012. Spain, whose short-term borrowing costs jumped at a sale of short-term government debt on Tuesday, has become the new focus of the euro zone's debt crisis. Andrea Comas/Reuters

Spain Faces Crisis 'Of Huge Proportions' Over Unemployment And Banks -- The Guardian

Figures show almost 25% of people out of work amid concerns Spanish banking sector may need bailout of up to £100m

Spain is in a crisis "of huge proportions", the foreign minister, José Manuel García-Margallo, has said after official figures showed unemployment had hit almost 25% amid concerns that the country's banking sector may need a €120bn (£98bn) bailout before the end of the year.

The jobless rate stood at an 18-year high after the latest figures showed it at 24.4%, or 5.6 million people out of work. Unemployment is now the focus of debate in the country as policymakers worry about the effects of a collapse in consumer spending, a drop in tax receipts and spiralling bad debts.

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My Comment: On the one hand I feel sorry and sympathy for what the people of Spain are going through. I lived through the mess of what was the Soviet Union, and then the economic collapse that occurred when it broke up .... so I have a good idea on what they are going through. But .... I also know that Spaniards freely and eagerly elected politicians who spent like crazy .... wracked up huge debts and obligations .... and who turned a blind eye to fiscally conservative politicians and the economic "experts" who were predicting disaster if these policies were to be implemented.

Sighhh .... you elect the government that you deserve .... that also includes living with the consequences of your decisions and actions. My prediction .... Spain has yet to see the bottom of it's fiscal mess.