Spaniards protest against cuts, bailout - Gayo Lues

On Wednesday, a sea of red and green flags packed the Paseo del Prado avenue in central Madrid as the protesters marched amid the noise of drums and horns to the Puerta del Sol square, AFP reported.

The demonstration was organized by the country’s two main labor unions. The protesters wanted the government to scrap its labor reforms and respond to the deepening economic crisis with other policies.

“Bank bailout = robbery of citizens,” read one of the many banners on display as people from across the public sector vented their anger at cuts to jobs and budgets imposed to deal with Spain’s worsening debt crisis.

“No to paying the debt. Yes to a bailout for the workers and the people,” read another banner.

On June 9, eurozone finance ministers agreed to lend 100 billion euros to Spain to save its teetering banks, which means more debt would be added to Madrid’s already huge official borrowings.

Battered by the global financial downturn, the Spanish economy collapsed into recession in the second half of 2008, taking with it millions of jobs.

Many economists believe Spain’s economy will enter into a new recession in the first two quarters of 2012.

The worsening eurozone debt crisis has raised Spain’s financing costs and raised concerns that the country might have to seek a European Union bailout, like Greece.

GJH/AS/HN