the Banksters rule.
Bank bailout makes Spaniards question their future as euro agonies mount
Spaniards having to tighten their belts find it hard to stomach bailing out banks whose recklessness has brought them to ruin
Giles Tremlett in Madrid
The Observer, Saturday 2 June 2012
Manchester Guardian
Seven years ago a local savings bank persuaded Reyes, a cleaner, to take out a 100% mortgage to buy the flat for €195,000 (£157,000). The bank has since merged with half a dozen others, all of which had thrown bad money at property speculators, to form a sick giant called Bankia.
Last week, as Reyes waited for the bailiffs, Bankia was demanding €23.5bn of taxpayers' money to stave off collapse. That is €1,350 from each working Spaniard. Among other costs that need absorbing by the savings banks that made up Bankia are a €6.2m payoff to one senior executive who helped drive the bank to disaster and €14m to another.
"I put on the television and see that all this money is being given to Bankia, but at the same time the bank is taking away from those in need," said Reyes.
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2 comments:
what is Spanish for "peasants with pitchforks?"
:-)
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