IN SPAIN COSTS EXCEED THE EU MEDIA IF ALL IS MONEY PUBLIC
BDE encrypted bank rescue at 15,000 million compared to 50,000 the market wants
News published in The confidencial.11/03/2011
Well, you see, ladies and gentlemen of the government, is that I can not make ends meet and need a government bailout. My forecast to spend the month were about, but I liked some eurillos on a shirt from Zara and these have increased, leaving me in the red and needs an urgent injection of euros in my account of the affinity card, which of the other I do not trust. That can break everything, but by god, do not break zara!.
Because here, or fuck all, or we take a whore to river.
And if not, they should ask the Icelandic Prime Minister Geir H. Haarde and his entire government, the government first (and only that I know of) which falls victim to global crisis.
Yes sir, because in the worst time of financial crisis, Iceland chose not to rescue the banks with taxpayers' money and depose his government. And after a tough period Iceland today is to grow organically by 3%.
There is no doubt that the wave of interest generated by the mass uprisings in Arab countries like Egypt, Tunisia, Libya and others due to a genuine historical fact.
However, north on a small island is an example of a quiet revolution has been successful and has handed over power to citizens. Hardly something to see in the protests and regime changes in these countries.
The situation in Iceland in October 2008 was of genuine financial panic, the bank assets had soared to 209 billion dollars to be 11 times the GDP of the country. But the government, rather than pump billions decided to suspend payments.
"Iceland did the right thing by ensuring that its payments system will continue working while the creditors, not the taxpayer assumed the banks' losses," Bloomberg told Nobel economics prize Columbia professor Joseph Stiglitz. "By contrast, Ireland has done everything wrong. It's probably the worst model."
Unlike the United States or Ireland, not sheltered your financial political elite, but instead, he quit the government altogether, major banks were nationalized, it was decided not to pay the debt that they have created in Britain and the Netherlands because of their heinous financial policy and just created a popular assembly in which citizens propose a new constitution. Icelanders spent
hard times, but the only way real change could have just started toxic structures presents modern financial system.
In November 2008 the Icelandic crown had already lost 58% of its value, inflation soared to 19% in January 2009 and that same year the economy shrank by 7%. Prime Minister Geir Haarde was forced to resign in January 2009 and is now facing the courts.
However, after two years of hard adjustment that included the intervention of the IMF, the Icelandic economy, which emerged from recession in the third quarter (which grew by 1.2% after seven consecutive quarters of contraction), could grow 3% this year.
The country plans to return to the capital markets and even issued in euros, something not done since 2006, a sign of renewed confidence in the economy and finance of the small Nordic country.
could argue that Iceland is a small country of 300 thousand inhabitants, one of the first to embrace democracy, and political situation is less complex.
However, it can be argued that Iceland is just proof that when you manage to depose the corrupt political elite, achieved self-government, participatory and smart decisions are not co-opted by the interests (as we all know that bail out banks with taxpayers' money is to allow the status quo persists embezzling the planet) then it is possible to transform society and achieve real growth (not due to financial statistical alchemy).
So while it might be easier to do this in Iceland than in a larger country (and less isolated, so to speak), the Iceland model is the model, even if it means a hard trance in the transition to free the yoke of global capitalism.
If they could, we won a World Cup that we can also say NO to the rescue of the banks.
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