These lasts days I have been very worried about the intervention of Spain. There are different reasons why a possible intervention worries me but this evening I have realised that there is one very important reason why I am very afraid of a bailout: future generations will read about this bailout and they would be ashamed of us!
So, it is incredible one of the worries of mine is not so much what may happen in the following days but the shame of being intervened.
But then, when I have realised the shame that means that my generation can pass to history books as the one who needed a bailout, well then I have realised something that has made me very happy indeed! And this is the very good thing that I have realised:
It is true than in 50 years time or later my generation can be in history books as the one who was responsible for the bailout of Spain. But then I have discovered that after that HISTORY CONTINUES. So it is STILL IN OUR HANDS that the history books continue saying AND SPAIN NEVER RECOVERED SINCE THAT BAILOUT or it continues saying AND SPAIN FELT SO HUMILIATED BY THE BAILOUT FROM EUROPE THAT IT REACTED AS NEVER BEFORE HAD DONE AND TWUENTY YEARS LATER IT HAD BECOME ONE OF THE MOST PROSPEROUS COUNTRIES OF EUROPE IN THE SAME WAY THAT IT HAD HAPPENED WITH PORTUGAL, GREECE AND IRELAND. MEANWHILE GERMANY HAD BEGAN A SLOW DECADENCE (OR NOT)
What I mean is that even if Spain gets intervened this does not mean a total failure if we learn from the situation. It is a very hard thing to happen to a state but nowhere is written that we cannot recover. Maybe a bailout from Europe is the best that can happen to Spain in the long run! In this way what it may seem also very tragic for Greece now it may be good for Greece in the future too!
So I think that Spain should avoid an intervention but if an intervention comes we should see it as an opportunity to rectify and improve. To learn consists in making errors and learn from them.
So, my trouble now is not a possible intervention as it was these days. My trouble is the way I would react to that intervention!
- Europe Fears Bailout of Spain Would Strain Its Resources (nytimes.com)
- JP MORGAN: A Spanish Bailout Would Cost €350 Billion (businessinsider.com)