[Marxism] Spanish banking crisis threatens deeper recession across Europe

Stuart Munckton stuartmunckton at gmail.com
Sat May 12 20:51:28 MDT 2012

Dick Nichols, Barcelona

The victory of Socialist Party (PS) candidate Francois Hollande in the
French presidential election on May 6 set off a wave of hope across Europe.
On May 9, the Spanish government announced that it was nationalising the
country’s fourth biggest bank, Bankia, to keep it from collapsing.

What do these seemingly unrelated events have to do with each other?

Enormous expectations are being loaded onto the shoulders of the former
French PS national secretary. In recession-stricken Spain, Portugal and
Greece, people hope he will put Europe’s economies on a path to growth and

They are hoping he stands up to German Chancellor Angela Merkel and the
German Bundesbank’s obsession with reducing public debt at practically any

But the near-collapse of Bankia, and the rottenness exposed in the Spanish
financial system, showed how strong the forces of stagnation and
job-destruction remain across Europe.

“Disobedience, in the eyes of anyone who has read history, is humanity’s
original virtue. It is through disobedience that progress has been made,
through disobedience and through rebellion.” — Oscar Wilde, Soul of Man
Under Socialism

“The free market is perfectly natural... do you think I am some kind of
dummy?” — Jarvis Cocker

More information about the Marxism mailing list