Le plan de sauvetage de l’Espagne et le spectre des années 1930
The Spanish bailout and the specter of the 1930s
11 June 2012
The announcement that Spain will receive a €100 billion bailout from the European Financial Stability Facility marks a further intensification of the crisis of capitalism. The very fact that four years after the collapse of Lehman Brothers and two years after the first bailout of Greece it has become necessary to bail out one of the central economies of Europe belies all claims of the viability of capitalism.
The conditions under which the bailout was arranged make clear its ad-hoc and desperate character. The announcement came after the exertion of intense pressure by major powers—particularly the United States, Britain and France—on Germany, which had resisted the further printing of money to bolster the crumbling banking system in Europe. The rush to conclude the deal in advance of next Sunday’s Greek elections reflected the fears within the international bourgeoisie of a massive vote against austerity followed by a chain reaction run on the banks in Spain, Italy and other European countries and a financial meltdown greater than that of September 2008.