– Sorry Troika, Spain’s Economic Recovery Is “One Big Lie” (ZeroHedge, Aug 12, 2015):
During six months of protracted and terribly fraught negotiations between Athens, Berlin, Brussels, and the IMF, the idea that Spain, Italy, and Ireland somehow represented austerity “success stories” was frequently trotted out as the rationale behind demanding that Greece embark on a deeper fiscal retrenchment despite the fact that the country is mired in recession. For many in the periphery, the notion of an economic recovery is fiction, plain and simple.
…
Fiction, at least fiction that anyone would follow has to have some attraction and some elements of truth to make it hang together.
But, when you get nothing but foolish lies and fantasy, it is like hearing the babbling of a small child, something anyone with intelligence dismisses for the fantasy it obviously entails.
If anyone who took the trouble to read even one or two articles on the reality of Spain’s economy…..they would know Spain nearly collapsed three years ago. For any who listened to any of those lies, it serves them right. To not know the truth about Spain meant one had to live in a vacuum…….
Italy, like Spain, nearly collapsed three years ago. Like Spain, their unemployment rate is between 40-50%, depending on their age. For those under 25, the unemployment rate is higher.
As for Ireland, their debt to GDP exceeds 800%, larger than anyone else in the world……………
Nothing more need be said.
Robbing Peter to pay Paul.
Spain is not alone.
Helicopter money will camouflage the reality of total bankruptcy for a year or two until it morphs into hyperinflation worthlessness and the peasants start revolting.
In U.K. issuing Bonds (Gilts) has been the only way the government has been able to keep funding the state payroll and assistance for the sick, unemployed, bone idle, NHS, pointless military, education, schools, pensions etc.
The banksters keep buying these bonds, but as insolvency hits the wall of reality and the banksters don’t want to buy anymore,………..BANG….it will be funny listening to the waffle, excus es, propaganda, and downright lies being pumped out as smokescreen for the mess……just as Spain will very soon.
http://wolfstreet.com/2016/12/24/a-new-crisis-is-brewing-in-spain/