US english version
As a ship that sails by taking water from all sides, it has long been the spanish Banking system requires a recapitalization for colmatar waterways and continue normal business operations. It seems that at some poit the President of the spanish Council envisaged to recapitalize Banks by exchanging their shares against the spanish debt securities. Il you have a more stupid please mak us know.
Finally, after much hesitation, Sunday, June 10, 2012 the spanish Government has decided to ask members by the contries of the euro zone, usinga 100 billions Euros to capitalize Banks. Provided, however, need expressed by the Government of Madrid, that such assistance does not impose any new constraints of the spanish éconoomy, nor the International Monetary Fund to come get his nose into the affairs of the spnish monarchy.
Given the calamitous situation wich is that of the spanish economy, using the 100 billions Euros granted to the spanish State, is cleary inadequate, it's a bit of window drassing. It just allows to plugin spanish for a with bits of stricking plaster, gaps Bank deeper and find a stightly heal thier Bank. The spanish Treasury needs 260 billions Euros to recapitalize its Banks and get rid of 180 billions Euros of debts held by thew which will never be repaid.
Other hand, spain requires 250 billions Euros more to repair damage caused by economic chaos, consolidate debt, control and avercome unemployment and the labor market, and most importanntly, start the strctural foundations of dynamiq economic growth.
Absence for what in a few months il will start over to Spain to avoid the default of payments. And fhat pending the tour Italy in 2013, wich can not meet its financial obligations without international assistance. And that of France unable to bear the overwheluing of its severeign debt and its social deficits.
In short, econoomies greek, irish, potuguese, italian,spanish and French, are note yet on the way out of crisis. The spanish economy is needed 500 billion euros, to restore its conomy, reduce unemployment ande restore growth. Otherwise the economic and social crisis, could spread throughout the euro area, and the situaion would very quickly become uncontrollable.
Survival of the Euro depends largely on its injection into economies of the euro zone than four thousaand billion Euros. They were saving and restar, or it dit not and the bubble wil continue to swel to bursting.
Especially in the monst and coneing years, greek, portuguese, italian, spanish, irish and france. That face the discontent of the people who show non-stop t protest against austerity measures and demand higher wages. In some of these countries workers spend more in the street than their workstations.