30 May 2012

Billions for the Banksters, But Not One Cent for the Citizens

The European Commission is recommending a massive bailout for the banks, but nothing to help the citizens:
The European Commission has proposed that money set aside for helping governments should be used to bail out ailing banks directly.

The commission also pushed for more integration through a euro-wide "banking union" and a single deposit protection scheme to protect savers.

"Flexibility and speed are of the essence," its head Jose Manuel Barroso said.

The call comes as fears over the health of Spanish banks have shaken markets.

Bankia, Spain's fourth largest bank, has asked for another 19bn euros recently from Madrid, which itself is struggling to get spending under control to meet its deficit targets.

"To sever the link between banks and the sovereigns, direct recapitalisation... might be envisaged," the commission said.

The commission's comments are part of its analysis of Europe's response to the debt crisis. "The economic situation in the euro area deteriorated significantly over the last year," the commission said.
But the answer real pain of ordinary people is for them to suck it up.

This is f%$#ed up.


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