Spaniards inspired and dismayed by Greek result

[Surya Gayatri]

Despite a recent improvement, the Spanish economy is vulnerable to turmoil from Greece. The rise of anti-austerity party Podemos, meanwhile, has drawn inevitable political comparisons.



With Greece's future in turmoil in the wake of the referendum, Spain is expected to be one of the countries that is most vulnerable to possible contagion in the coming weeks and months. That is partly due to its economic situation, but also because of the political uncertainty that the sudden rise of Podemos has helped generate.


Podemos chief Iglesias (right) could reap benefits at the polls from the Greek case

"What's happening in Greece won't happen in Spain because this is a trustworthy country," Prime Minister Mariano Rajoy said last week, as he hosted former French president Nicolas Sarkozy in Madrid. Rajoy has frequently defended the strict austerity measures his conservative government has implemented over the last four years, describing them as an effective shield against future economic shocks.

"The fact that Greece is in a critical economic situation is bad for Podemos, it generates fear among voters," said Fernandez-Albertos, who has written a book about the party.

http://www.dw.com/en/spaniards-inspired-and-dismayed-by-greek-result/a-18564026

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Let's hope Spain remains stable enough to insulate itself from Greek contagion.

[Erich Bloodaxe BSN]

1. I was ready to tip until the last sentence, which I think could be taken several ways.

If it's the 'contagion' of being crushed under austerity, I would agree. If it's the contagion of political will to say NO to austerity, I would disagree.

(Edit: Of course the fact that Spain has already been under austerity measures suggests the second, which is why I didn't tip.)

[Surya Gayatri]

2. The contagion of political turmoil, and the resulting capital flight and financial meltdown.

For millions of us working class Europeans, who survive month to month on the euro-economy, who are paid minimum wage salaries or receive fixed-income pensions in euros, this is very worrying.

Egging on class-warfare battles from a safe distance makes many of us very uncomfortable. We stand to lose the most--we, the Little People.

[Erich Bloodaxe BSN]

3. Change always creates chaos, at least in the short term.

The bigger questions are what sort of course was the country on before, what sort of course will it be on after, and is the long term going to be gain that was worth the pain. Being slowly strangled by austerions working to milk a country for the benefit of wealthy creditors might well be worth a fair amount of short term pain to avoid.

[Surya Gayatri]

4. I have updated the above post to further explain

many "left-wing" and "liberal" Europeans' apprehension of the economic turmoil being advocated by some.

[Surya Gayatri]

5. If the euro tanks, the purchasing power of millions

of "Little People" will tank with it.

[Erich Bloodaxe BSN]

6. Of course. The leeches make sure to arrange things so that the pain of trying to rid a country

of them is as painful as possible, so that people are more willing to simply continue to be bled than to rip them loose.

[Surya Gayatri]

7. ...