The citizens of Spain are paying, and how, for the failure of euroland politicians and bureaucrats. Massive austerity budget. But will it all be in vain? Probably.
http://www.telegraph.co.uk/finance/financialcrisis/9176701/Spain-unveils-most-austere-Budget-in-democratic-history.html
As reported yesterday the euro firewall has been fixed at 800 billion euros: eye-watering, but suggestions that even 1 trillion euros would not be sufficient:
http://www.bbc.co.uk/news/business-17560077
http://www.spiegel.de/international/europe/0,1518,824808,00.html and
http://www.spiegel.de/international/europe/0,1518,824750,00.html
An item which tells us a lot........
http://www.telegraph.co.uk/finance/financialcrisis/9177065/Furious-Eurogroup-chairman-Jean-Claude-Juncker-ends-key-meeting-early.html
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