Spain
An election for nothing
18 November 2011
El Pa?s
Madrid
"I see that on the 20th November the Spanish think they will choose something..."
Kap
Mariano Rajoy's right-wing Popular Party is set to win the Spanish general election this 20 November and apply more austerity. But as long as Germany fails to assume its responsibilities at a European level, the new government will be powerless to solve the country's crisis.
Jos? Ignacio Torreblanca
Pure coincidence or faithful reflection of the world we live in, the two most recent election reversals in Spain, that of 2004 and, predictably, this Sunday the 20th of November, have proceeded in parallel with events (the 2004 Madrid train bombings and the worsening eurozone crisis) that reveal in stark fashion the utter impossibility of separating the national from the international. Today, as in 2004, the security challenges facing the public ? of course, at different magnitudes: physical security then, economic security today ? are as much beyond as they are within our own borders.
To restore the credibility of Spain internationally and place the country at the forefront of European leadership will, inevitably, mean returning to the path of growth, creating good quality jobs and boosting our productivity: in short, rectifying our past mistakes. But the truth is that the sacrifices resulting from budget cuts and structural reforms can turn out to be useless if they?re not accompanied by far-reaching European decisions.
Markets have discounted reforms at national level
If the polls aren?t mistaken, Spain is about to complete the changes in government in the four countries in the south of Europe that until now have suffered the greatest financial difficulties. The trajectories of each differ greatly: from the intervention in relatively stable Portugal to the constant intervention in permanently unstable Greece, passing through Italy on probation, under a government of technocrats and obliged to show up at the bailiff?s regularly; and finally to a Spain that, despite having undertaken major reforms, has found these were insufficient or ignored by the markets.
The governments of southern Europe have already revealed, or are about to reveal, all their cards: cuts, austerity, government by technocrats ? whatever it takes, though there isn?t much left in the repertoire. In addition, the icy reception by the markets of the technocrats moving into office in Greece and Italy, plus the hike in the risk premium that Spain is getting hit by, are the best proof that solutions to the crisis are much more to be found beyond our borders than inside them.
It lends the impression that the markets have discounted the reforms at the national level; that is to say, the markets assume there will be reforms, and they?ll be hard ones, but seem to have arrived in advance at a conclusion that has so far evaded Europe?s leaders: the crisis will still be here so long as the markets continue to doubt whether Germany and the European Central Bank are willing to act as lenders of last resort. That is, ultimately, what?s being clarified these last few days.
The moment of truth
The German Chancellor, Angela Merkel, has said on several occasions, most recently this week: "If the euro fails, Europe fails?. Europe is going through its hardest times since the Second World War." Many traders suspect Merkel is bluffing. And they have good reason to, because at the same time Merkel is raising the dramatic tone with her grave statements about the future of Europe and World War II, she has reaffirmed that she?s not prepared to modify the two elements that undermine the credibility of this promise: first, by insisting publicly, for the umpteenth time, that the Lisbon Treaty prohibits the purchase of state debt by the European Central Bank; and secondly, to reiterate that issuing eurobonds is by no means the solution.
Nonetheless, now that the will to undertake reforms in southern Europe has been tested (successfully), what is being tested now is the commitment of Germany. The moment of truth arrived last week for Athens and Rome when Berlusconi and Papandreou were proved to be bluffing. Now the moment of truth is headed to Berlin. Merkel will have to show her cards very soon.
Translated from the Spanish by Anton Baer
Profile
Rajoy the plodder on the brink of power
Two days from the parliamentary vote of November 20 the outcome seems to be in little doubt: the Popular Party (PP, right-wing opposition) is expected to win an absolute majority of seats in the Congress of Deputies. The last polls published put, in effect, the party of Mariano Rajoy around 15 points in the lead (45 to 30 percent of decided voters) ahead of the Socialist Party (PSOE) of Alfredo Perez Rubalcaba.
The profound economic crisis throughout Spain, whose unemployment rate (at 21.7 percent) is the highest in the EU and whose debt risk premium stands at record levels, has provided the backdrop to a campaign election that drummed in the message that promises are useless, since political decisions are being imposed from beyond Spain's borders.
Rajoy, however, is no novice at politics. Aged 56, he was several times a minister under Jos? Mar?a Aznar (1996-2004). Described as ?a quiet walker? by La Vanguardia, the likely future prime minister, however, lacks charisma:
Rajoy is a slow-burning politician, a legalist who has never trod on anyone's toes to get at his goal. His critics point to his low profile, his passage through four departments without having left a footprint, his silences, and a personality that's allergic to conflict.
As for Rubalcaba, 60, who was also a minister several times, he is paying for the poor image of his predecessor at the head of the PSOE, outgoing prime minister Jos? Luis Rodr?guez Zapatero. According to El Mundo, Rubalcaba is up against ?an impossible challenge.? That is why he can hope ?to get, at most, a decent result, or, in the best case, to avoid an absolute majority by the PP.? He would be satisfied, the paper concludes, ?merely to salvage the [PSOE] project and to see the foundations of the socialist house withstand the blow?.
http://www.presseurop.eu/en/content/article/1184751-election-nothing
Tuesday, November 22, 2011
Subscribe to:
Post Comments (Atom)
Followers
Blog Archive
-
▼
2011
(8499)
-
▼
November
(1134)
- रीटेल एफ डी आई से कारोबार पर विदेशी पूंजी काबिज और...
- ‘MINDCONTROL’ AND ELECTRONIC WEAPONS - VICTIMS' OR...
- Welcome to the world of corporate psychopaths
- Financial 'vultures' poised to swoop on Africa thr...
- MEDVEDEV: RUSSIA SERVES NOTICE November 28, 2011 B...
- Nepal Updates
- Statement Condemning Repression Against Anti POSCO...
- he GOP’s Middle Class Tax Increase
- F-22s Gobble Up More Billions
- Adivasi Bounded Labour Killed,No Justice yet.-Than...
- US war against Pakistan?
- PIL to Register FIR Against Mukesh Ambani, RIL
- The lawsuit that could end the gangster rule of We...
- Throw These Cooking Oils in the Trash
- Retail FDI: The Calculations and Compulsions..
- Manual scavengers poster -READ
- Irula Tribe women sexualy abused by Police - Tiruk...
- Sr. Valsa case with the National Commission for Women
- Oh The aggressors! Oh The killers of the Innocent ...
- MY AUSTRIA VISIT AND PROJECT OF HOPE Asghar Ali En...
- Fwd: BAMCEF & RMS 28TH N.C. 24TH TO 28TH DEC 2011,...
- Fwd: [OrissaConcerns] Statement on the Repression ...
- Fwd: declare aadhaar illegal, pleads suit - bangal...
- Fwd: [bangla-vision] FD News and an important action
- Fwd: हस्तक्षेप.कॉम चल अन्ना घर आपने रेन भई यह देश…
- Fwd: Tom Burghardt: Target Iran - Washington's Cou...
- Fwd: Kanimozhee bhee Kaanee ho Gayee!
- Fwd: Truth behind the appeal to Hindus - One secon...
- Fwd: (Desiyatra)-- Sharad slap unites Indian polit...
- Fwd: Today's Exclusives - Controversial stock oper...
- In Tamil Nadu’s southern districts, prisoners are ...
- Fishy Friends By Nigar Ataulla
- Rapid Haramikaran Of India - Growth Rate Food 2%, ...
- Dalit labourer dies, nephew alleges he was beaten
- Water politics in the Jordan River basin
- Dr. Bhupen Hazarika honoured in London - 1999
- declare aadhaar illegal, pleads suit - bangalore, ...
- DGP Mr. BR Lall – Crusader Against ‘Black Money’ N...
- The glimpses of Post FDI in retail
- Anand Sharma writes to parties clarifying FDI stance
- The Miqati Government in Lebanon – Continued Subju...
- Miami-protest spokesman led 'Nuke Israel' rally
- Why not open debate on Holocaust?+Capitalism under...
- Discussion on Karnataka Guarantee of Services to C...
- Statue of Liberty – an Egyptian Peasant Lady?
- Moroccan opposition warns of silent majority
- De Jager talks tough as he heads to Berlin for tal...
- Debt Crisis Belgium under the tutelage of Brussels?
- Eurobond talk should not be 'taboo', Monti tells V...
- Will Global Financial Demolition Lead To New World...
- Would uranium sales to India breach a key Labor tr...
- Fwd: [Occupy Kolkata] i know casteism in india is ...
- Fwd: [Marxistindia] CPI(M) Supports Traders Call f...
- Fwd: Julie Lévesque: Protest in Syria: Media Lies ...
- Fwd: [Occupy Delhi] IN 1886-94, DURING THE SANTHAL...
- Fwd: [Occupy Delhi] PROGRESSIVE DEMOCRATIC STUDENT...
- Bangladesh: International anti-imperialism conference
- 5,000,000 North East Indian Migrations Expected in...
- Prosecutor: Reagan, Bush not criminally liable
- LIVING IN GERMANY
- Occupy Everywhere: Michael Moore, Naomi Klein on N...
- The People's Surveillance State
- Washington's $8 Billion Shadow
- Where Does Occupy Wall Street Go From Here? ...a p...
- Israel's technology or its politics that the minis...
- Targeted Individual due for execution unless we dr...
- FDI in Retail for 99% Indians – Vendors, Farmers, ...
- HUNDREDS RALLY IN MUZAFFARABAD AGAINST MFN STATUS ...
- KSA: Thousands in Eastern Province Chant Death to ...
- LIBYA: Thousands accused of Gaddafi links held by ...
- RSS A pure religion- LIKE SIKHS/Jaina/ BUDHA/= wit...
- Dead Man Talking: More Fake Encounters in Gujarat
- 21st Greatest Sikh Traitor Parkash Chand Badal ina...
- Up to 25 Pak soldiers dead in NATO chopper attack
- Abhay Sahu, leader of anti-POSCO movement arrested
- login immediately Meshram saheb speaking
- Nuclear emergency in Japan: lessons for India
- DRUM- Desis Rising Up & Moving
- World's Largest and Longest Invisible War
- Regards to PIL- Chinese expert praises Indian courts-
- Non-discrimination and Equality in India Contestin...
- Akal Takht, SGPC condemn slapping of Sharad Pawar
- Urbanization key to speedy growth: RBI governor
- Egypt's economy slumps under weight of unrest
- FDI decision taken to help Rahul's foreign friends...
- Kishenji's body identified by niece
- aviation crisis News Stories
- KISHENJI SPECIAL Calcutta Corner Why is Mamata Ban...
- Bring the spice back The men have left the Sunderb...
- Maoists allege fake encounter PRONAB MONDAL
- Blunted: Maoist peril & CPM slur - CM scores twin ...
- Hunt for Suchitra yields purse NARESH JANA
- State to fly Kishan’s body home if identified by n...
- http://www.telegraphindia.com/1111126/jsp/frontpag...
- Egg on the face of fake Tagore champions - All 20 ...
- State steps up border vigil Police escort for fore...
- Kishan wily, govt wilier Parivartan and penetratio...
- Reforms Drive is in Topmost Gear Now in Absence of...
- Fog effect: 28 trains to remain cancelled for two ...
- ISHRAT JAHAN: MURDER IN COLD BLOOD Ram Puniyani
-
▼
November
(1134)
No comments:
Post a Comment