Capital Account
RT
Welcome to Capital Account. When we talk about bank recapitalizations or rescue plans, what usually captures headlines are dollar or euro amounts, the names of various abbreviated, bailout vehicles — be they the EFSF or the ESM — top politicians, technocrats and international organizations like the IMF. This latest “Spanish bailout” is no exception. Dubbed a bailout for Spain by the media, this is really a 100 billion euro bailout for Spain’s banks that adds to the tab of the already indebted Spanish government. But is this really just a blood wedding between banks and the state that will end in a blood bath of pain threatening to consume all of Europe in its wake? Are these really solutions that channel the workhouses of the Victorian era, of a Dickens novel, in their conditions?
Cartoon by Bob Moran