The Great Spanish Crash, Part 4/4 Reply

Bankia begins failure

Spain’s conservative government elected in 2011 found that it was impossible for them to employ the usual tool–currency devaluation–to deal with the crisis, as their currency, the euro, is linked to the rest of the Eurozone and thus out of their control. So they relied on spending cuts, civil-service pay cuts and tax hikes, along with privatizations. These hit education, social services and the health system and provoked a reaction among the Spanish people.In May, 2011 more than a million of them took to the streets. This was the Indignados (or 15 M) protest movement which started in Madrid and was to inspire resistance around the world, including the Occupy initiative in the U.S. More…


The Great Spanish Crash, Part 1/4 Reply

Spanish crisis protest

This 15-minute video is the first in a four-part documentary the BBC did in 2012  on the Spanish economic crisis that began in 2008 and continues today. Robert Mason traveled to Spain to investigate how this once thriving economic climate is the latest casualty in the Euro zone. Greece, Ireland and Portugal have the ability to receive massive bailouts with stringent conditions. But Spain differs. Among the largest economies on the planet, for almost 20 years “cool España” meant leading edge architecture, the world’s greatest restaurants and also the magic of Barcelona Soccer club. More…