Protests against austerity measures continue


Protests have continued in Spain all week against the recent austerity measures put in place by the Spanish government.

Protests have been largely in Madrid and the gathering point is the famous Puerta del Sol which, at this time of year, is usually full of tourists.

The Spanish newspaper El País has published an opinion poll today which says that 82% of those interviewed agree with the protesters although 43% understand that the current sacrifices may lead to better results in two years’ time.

The loss of faith in the government is largely attributed to the reaction of People’s Party MPs when the austerity announcements were made. Most MPs applauded and one MP, Andrea Fabra, is reported as having said ‘F… You’ referring to the protesters. Most of those interviewed believe that her subsequent apology was insufficient and that she should now resign.

The survey suggests that the gap is widening between the politicians and the people. This is not being helped by more economists saying that they expect that Spain is going to need a bailout sooner rather than later. El País reports one economist as saying “The financial credibility of Spain is zero. The fiscal credibility of Spain is zero. The political credibility of Spain is zero. Investors have sentenced Spain”.

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