It is incredible how bad news can seem good news depending on how you manipulate them.
So yesterday it was decided by the Eurogroup that Spain would receive an aid for its banking system. About 2000 or 3000 euros per Spanish capita say my estimates!
So, I must be very happy! Europe gives me a credit of about 3000 euros! And the only condition is that I have to return it! So, should I buy champagne for celebrations? Besides the interest to pay will be small. So maybe about 100 euros? Is that not wonderful ……?
BUT wait a minute …….
Did I wanted in first place to have a credit of 3000 euros?
This is what is crazy! Now it is as if Spaniard had asked for a credit of 3000 euros and that is supposed to be good news because it is without conditions. Is this good news?
This is all a lie. There must be conditions. If there were not conditions this would mean that the Germans are fools. I just imagine that Germany already knows that in fact we have been accepting their conditions for months!
So, you see. Until now some Spanish people had an enormous debt and people did not trust that. Now they won’t have this enormous debt because ALL SPAIN WILL HAVE THE DEBT!
It is incredible how chidish I feel when I listen to Spanish politicians. They are selling a terrble news as if it was a very wonderful news. They say: IT COULD HAVE BEEN WORSE. WE COULD HAVE BEEN INTERVENED.
If we will owe so much money it is true that is better not to be intervened?
As far as I know a no intervention means we have more freedom. But freedom for what? If we spend more than if intervened this means that we will have more problems to pay back!
The fairy tales goes as follows: you put the money in Spanish banks. So, BY MAGIC, in some years this banks RETURN ALL THE MONEY BACK! WOW! REALLY?
Mariano Rajoy has said that this banks will pay the interests of the bailout. Ach so … I imagine that then you just need that they need more money. Then Europe gives us money but this time with conditions!
In some way, I must accept that this bailout is good in the sense that is better than an intervention but it is good for now but maybe not so good in the long run. Because this bailout means we are ill. Europe does not send us to hospital but maybe it would be better to be at hospital even if nobody likes that!
So, who knows, this bailout lite could be the first part of a total bailout to come next …
The sad thing is that even president Mariano Rajoy are showing victory in what in reality is not a victory. It is at most an standstill. It will be a victory if we finally succeed.
- You Say Tomato, I Say Bailout: How Spain Agreed to be Rescued (world.time.com)
- Eurozone agrees to lend Spain up to 100 billion euros – Reuters (reuters.com)