Spain is also on the verge of a socio-economic catastrophe


by Guest    
10:03 am - June 2nd 2012

      Share on Tumblr

contribution by Tom Clark

Last week one of Spain’s leading banks went cap in hand to the Spanish government to ask for a €19 billion bailout. This week the Spanish Central Bank revealed the astonishing level of capital flight out of the country in the first quarter of 2012: close to €100 billion (nearly 10% of Spanish GDP).

In times of economic crisis the tried and tested formula for recovery has been direct state intervention to invest in the “real economy”, such as infrastructure projects, house building, welfare spending, industry, education and research.

Yet the recently elected right-wing PP government led by Mariano Rajoy are intent on inflicting the opposite kind of economic strategy, making an unprecidented €27 billion worth of ideologically driven “austerity” cuts in state spending in their first budget.

The reason they are doing this is in order to prevent the national humiliation of relying upon European Central Bank and IMF bailouts and having to accept the externally mandated austerity measures that come with them, yet the economic indicators from other “austerian” economies are not good.

Media commentators have drawn parallels between the current Spanish situation and the British Gold Standard. However a much more recent and apt comparison can be made with the former Spanish colony Argentina who spent the 1990s enacting neoliberal reforms at such a pace that they became the poster boys of the IMF and pegged their currency directly to the US Dollar, meaning a near complete loss of fiscal autonomy.

Spain underwent a similar process in the 2000s; the European Union is built on a foundation of “orthodox neoliberal” pseudo-economics and Spain effectively ceded their fiscal autonomy to the ECB when they joined the Eurozone. Both experiments in neoliberalisation and loss of fiscal autonomy resulted in spectacular economic meltdowns. The Argentine economy imploded in 1999 leading to a vast scale of capital flight, the eventual breaking of the tie to the US Dollar and the biggest sovereign default in World history.

The Spanish economy tanked in 2008 when the Spanish property crisis hit and the massive scale of capital flight is indicating that “the markets” are beginning to see a Spanish Eurozone exit and default as almost inevitable.

As unexpected as it may seem, the ECB could yet come to their senses and adjust European economic policy to prevent the creation of a socio-economic catastrophe in the fourth largest economy within their jurisdiction and the almost certain breakup of their own Single European Currency dream.

What would it say about the Spanish government and the Euro technocrats at the ECB and European Commission if they remain unwilling to intervene to protect the fourth largest economy in the Eurozone from socio-economic meltdown out of adherence to their beloved neoliberal dogma?

If their refusal to change course results in the almost unimaginable chaos of a full scale Eurozone breakup, then the hardline stance against direct state intervention seems certain to be cited by future generations of economists and historians as a case study in unforgivable political inertia.


Tom Clark is an educator, a freelance photographer and a blogger. A longer version of this post is here.

    Share on Tumblr   submit to reddit  


About the author
This is a guest post.
· Other posts by


Story Filed Under: Blog ,Economy ,Europe ,Foreign affairs

Sorry, the comment form is closed at this time.


Reader comments


1. Yah Boo Sucks

Yep, shit innit… and the poor throughout Europe will pay the price as the poor always do.

Funny thing is, Will Self was on the radio the other day telling everyone how he’d been a supporter of the Euro simply because he’s thought it was a fun way to annoy “xenophobic little englanders”. Aside from his clearly not understanding the meaning of the term “little englander” (or xenophobic for that matter), this was clearly a very shortsighted view. One only wonders how many other on the left did the same? More than a few I’ll wager. And now it’s all collapsing.

Should have listened to that well known xenophobic little englander Tony Ben!

@1, I agree that Tony Benn was one of the most vocal critics of the anti-democratic European project, however trying to claim that the EU project was supported from the left alone would be a gross misrepresentation. The Tories have been just as happy to sign away British sovereignty to the unelected European technocrats over the years as neo-labour have been.

The only reason Britain is not in a similar situation to Spain, Greece and Portugal with capital flowing out to Germany at astonishing rates is that Gordon Brown kept the UK out of the Euro instead of getting Goldman Sachs to cook the books to cheat their way in like Greece did.

3. Yah Boo Sucks

@ 2.

I agree with you that it wasn’t just a lefty thing. Sad thing is though, that if the liberal left hadn’t decided to throw in their lot with the neocon-merchants, we might have had a chance of stopping this mess.

Sadly though, the liberal left did what they always do – sold the working class down the river.

“In times of economic crisis the tried and tested formula for recovery has been direct state intervention to invest in the “real economy”, such as infrastructure projects, house building, ”

Are you insane?

Spain is suffering from an excess of infrastucture building over the past decade! They’ve got built and empty houses by the hundreds of thousands, they’ve got multi-hundred million airports with no flights.

You want to cure an excess of infrastructure spending with more infrastructure spending?

@4

“Spain is suffering from an excess of infrastucture building over the past decade! They’ve got built and empty houses by the hundreds of thousands”

I agree that this is one of the main causes of Spain’s economic woes, but this came about because of reckless private sector speculation on property investments under the insane assumption that house prices will always go up, not because of excessive state spending.

There are an estimated 700,000 empty and partially completed properties in Spain. As it is they contribute absolutely nothing to the economy and the Spanish government policy of bailing out the creditor banks behind these projects to protect them from the consequences of their own reckless bets instead of investing in fiscal multipliers will only intensify the crisis.

A potential solution is to fund the completion of some of these currently economically worthless property assets instead of letting the financial sector simply hoard them in order to keep the property market artificially inflated. At least that would create some demand in the economy.

The important thing with state spending is to spend it wisely on fiscal multipliers. Building airports in the middle of nowhere is not going to create more returns than the initial investment, however slashing spending in an arbitrary manner for the sake of it is going to create a spectacular decline in aggregate demand and destroy a lot of fiscal multipliers in the process.

The idea that state spending is somehow less economically beneficial than private sector investment has been completely blown out of the water by the private sector property crisis and the near bankruptcy of the Spanish financial sector. They can no longer invest in the economy anymore because they’re broken institutions. The Spanish government needs to step in and invest because the private sector can’t. They obviously need to avoid creating more white elephant airport schemes, but there are more ways of investing in the economy than by building airports.

“They obviously need to avoid creating more white elephant airport schemes, but there are more ways of investing in the economy than by building airports.”

So your argument is that the last round of government investment was entirely crap but they’ll be much better at it this time around?

“because of reckless private sector speculation on property investments”

You’re missing an important little detail. The banks that are bust are the cajas. The mutal, not for profit, almost always directed by local politicians, banks.

The three big commercial banks are pretty much OK. So calling this entirely “private sector speculation” just isn’t within the necessary bounds of accuracy.

7. Just Visiting

TG Clark

> The idea that state spending is somehow less economically beneficial than private sector investment has been completely blown out of the water by the private sector property crisis

No it hasn’t!
That just proves that private sector investors don’t make 100% good decisions.

I think what you want to hint, under the surface, is that you think public sector infrastructure investment is equally as well chosen as private.

If you do think that – you’ll need to point to some sources!

8. Just Visiting

TG Clark

> What would it say about the Spanish government and the Euro technocrats at the ECB and European Commission if they remain unwilling to intervene…

Intervention?
Ah yes, on LC we are mostly guys who ‘want to make the world a better place’ – so intervening is a bit of a knee-jerk reaction (tho’ folks haven’t argued here for a while that we should intervene in Syria – nor have the pro-Libyan-intervention guys come on to discuss how well/badly that intervention has now turned out.)

But is intervention always practical even if desirable ?

It might be desirable to ‘intervene’ between the avalanche and the village below, but if you have no chance of stopping the avalanche, it’s stupid to risk lives in the attempt – it’s better to admit the village is just in a bad place.

My analogy might be stretching it – but your own words (below) suggest there is an unstoppable avalanche in progress that is just too big; as even the citizens of the country are acting to the detriment of their country’s own financial stability by taking their money elsewhere (like the Greeks have been doing), as well as outside investors.

> the Spanish Central Bank revealed the astonishing level of capital flight out of the country in the first quarter of 2012: close to €100 billion (nearly 10% of Spanish GDP)

@8

“it’s better to admit the village is just in a bad place….My analogy might be stretching it”

I think so mate, it’s not as if the Spanish government are in the position to “admit that Spain is simply in the wrong place” and wander off to rule Germany instead is it?

As for your point about intervention, I think there is little to be learned from jumbling together two completely distinct meanings of the word.

“Intervention” when used as a cosy euphemism for a sustained bombing campaign against another country is hardly comparable to “intervention” when used to describe government investment at a time of national economic crisis in order to stimulate aggregate demand.

Socialism or nothing

@6

“So your argument is that the last round of government investment was entirely crap but they’ll be much better at it this time around?”

That is not my point at all. You are the one making the simplistic assumption that all state investment is “entirely crap”, I simply stated that much like private sector investment, some of it is (the pointless airports being the only example of “crap” investments you have provided so far).

When the private sector is unwilling to invest (in fact seems intent on stripping their wealth out of the economy as rapidly as possible) then the state must stop mindlessly slashing investment too or aggregate demand is going to be annihilated.

If you have a better solution than targetted state intervention in fiscal multipliers to stimulate demand (something involving neoliberal pseudo-economics dressed up as “austerity” I assume) would you care to explain how it is going to prevent the slump in economic demand?

Then you say this “The three big commercial banks are pretty much OK” which is at best a distortion given that Moody’s have just downgraded their credit ratings of a swathe of the Spanish financial sector including Santander & BBVA (two of your big boys). If the big banks like Santander are doing so well, would you care to explain the massive slump in their share price over the last year and especially over the last month?

The idea that the “big banks” don’t have an unsustainable mass of toxic property investments on their portfolios too is frankly laughable. “The markets” know it, the Spanish people know it, even the persistently three steps behind the game brigade at Moody’s know it.

Given the dramatic slump in the Santander share price and the Moody’s downgrade just two weeks ago I’d argue that it is you, not me, that is failing to keep your comments within the “necessary bounds of accuracy”.

12. Richard W

” However a much more recent and apt comparison can be made with the former Spanish colony Argentina who spent the 1990s enacting neoliberal reforms at such a pace that they became the poster boys of the IMF and pegged their currency directly to the US Dollar, meaning a near complete loss of fiscal autonomy. ”

” Spain underwent a similar process in the 2000s; the European Union is built on a foundation of “orthodox neoliberal” pseudo-economics and Spain effectively ceded their fiscal autonomy to the ECB when they joined the Eurozone. ”

Pegging their currency to the USD meant they lost monetary autonomy i.e. The Impossible Trinity. http://en.wikipedia.org/wiki/Impossible_trinity

Likewise when Spain joined the monetary union they de facto lost monetary autonomy. You may be making some sort of argument that ultimately one can’t separate fiscal autonomy from monetary autonomy. If one gives up monetary autonomy by extension one also effectively loses fiscal autonomy. I would disagree with that but it just comes across as you confusing monetary with fiscal. For example, lots of people are calling for Germany to be more expansive in their fiscal budgets to help the rest of the EZ. Therefore, Germany clearly still have fiscal autonomy despite losing monetary autonomy through membership of the EMU. Ultimately, it is the institutions and people that you want to borrow from that impose restrictions on government fiscal budgets i.e. you lose fiscal autonomy to ‘ the markets’ if you want to borrow large sums of money because they like to believe that they will get it back.

” Chris
Socialism or nothing”

Awwww is the world in which you have to work as opposed to being given to much for you? Didums!

“That is not my point at all. You are the one making the simplistic assumption that all state investment is “entirely crap”, ”

Err, no, that’s not what I said. What I did say is that this government, when they did spend the money, spent it on crap.

“If you have a better solution than targetted state intervention in fiscal multipliers to stimulate demand (something involving neoliberal pseudo-economics dressed up as “austerity” I assume) would you care to explain how it is going to prevent the slump in economic demand?”

As a really vague idea, how about not borrowing money to spend on crap? I too can think of spending which has either short or long term multpliers. The Spanish government not so much, eh?

“Then you say this “The three big commercial banks are pretty much OK” which is at best a distortion given that Moody’s have just downgraded their credit ratings of a swathe of the Spanish financial sector including Santander & BBVA (two of your big boys).”

Err, yeah. The big three are still investment grade. All of the cajas are junk. Your point is?

Neo-liberalism killed my hamster.

The Spanish property bubble was NOT caused by neo-liberalism. Has the OP considered flaws in the Euro structure? Inappropriate interest rates in all but a very few countries? Etc?

Honestly, this is just baby-talk.

@14

“Err, no, that’s not what I said. What I did say is that this government, when they did spend the money, spent it on crap.”

Firstly, this is exactly what you said: “the last round of government investment was entirely crap”.

Secondly, you are aware that “this government” has been run by a completely different political party since December 2012.

As for your point about the big 3, I’ll accept that they are not in the same state as Bankia which is as good as bankrupt, but the recent downgrades and share price collapses show that they are hardly in roaring good health. We’ll have to wait and see how the scale of capital flight, the asset devaluation and the choking of the Spanish manufacturing sector effect the Spanish financial sector over the next couple of years. I believe Santander are in the best position to survive but that is because the majority of their investment portfolio lies outside of Spain, I still can’t see there being much good news for them or for the rest of the sector though.

@12

“You may be making some sort of argument that ultimately one can’t separate fiscal autonomy from monetary autonomy.”

Kind of.

They can’t be seperated in that one has an effect on the other, a complete loss of monetary autonomy creates enormous constraints on fiscal policy. Completely abandoning monetary autonomy and pegging the currency to that of an almost completely unrelated market, leaves your ability to make fiscal policy decisions dependent upon the policies of the issuer of the base currency. The IMF admitted as much in their Lessons from the Argentine crisis review. http://www.imf.org/external/np/pdr/lessons/100803.pdf (point 83)

“A currency board puts much more stringent demands than other regimes on fiscal and financial policies, as well as on the flexibility of trade and the labor market.”

I agree that it would have been much better had I properly explained how the loss of monetary autonomy puts constraints on fiscal policy, but in my defence I was already well over the wordcount for submissions here as it was.

@12

Also, thanks for the feedback. I have amended the original blog post this article is abstracted from to clarify the point I was trying to make in light of your criticism.

Best regards

19. Frances_coppola

16 TG Clark

The big three, and the sovereign, are being downgraded because of the impact on them of the insolvency of the second-tier banks, not because they are inherently unhealthy in themselves.

I find your suggestion that the public sector should take over and complete the unfinished property developments astonishing. Do you understand the concept of “sunk cost” – otherwise known as “don’t throw good money after bad”? It is not worth completing these developments at the moment. There is no market for them.

Spain’s problem is its banking system, not its public spending which is actually smaller as a percentage of GDP than Germany’s. I’m not entirely sure why Rajoy is making these cuts as they don’t seem to achieve anything useful. I can only think that he hopes fiscal discipline will encourage Germany to feel more positive about contributing to the bailout of Spanish banks. If so, he’s dreaming.

We had an extensive discussion about Spain on Liberal Conspiracy only about a week ago. You might find it interesting. http://liberalconspiracy.org/2012/05/28/five-charts-that-tell-the-european-disaster-story/

20. So Much For Subtlety

19. Frances_coppola

The big three, and the sovereign, are being downgraded because of the impact on them of the insolvency of the second-tier banks, not because they are inherently unhealthy in themselves.

That we know of. The tide is still going out and we have not seen exactly who is not wearing trucks as yet.

Those Spanish banks went on a very suspicious acquisition spree while the Cajas were building useless housing. It remains to be seen if they spent well.

@19

I saw the discussion you linked to, some very interesting charts. Another interesting chart is the budget deficit/surplus charts that showed that in the buildup to the global economic crisis Spain and Ireland were both showing a lot more “fiscal responsibility” than Germany up until 2007, (neither of them breaching the proposed 3% of GDP borrowing rule) which undermines the lie that excessive state spending rather than reckless financial sector gambling caused the crisis.

I understand that you find the suggestion that the public sector should take over and complete the unfinished property developments astonishing, it is a bit of an unusual suggestion. I don’t think that the state neccessarily has to do all of the construction work, they just need to confiscate them from the creditors that are hoarding them and offer them at realistic values on the market.

You say that there is no market for Spanish property, but this is largely because the banks are sitting on 100,000s of properties rather than releasing them back onto the market, incurring themselves huge losses, which would further drive down over-inflated property values, unstalling the market but leaving themselves even more badly over-leveraged.

There are plenty of people waiting to buy property but unwilling to do so as they recognise that the market is still hugely over inflated. I’d happily buy some of the properties around my neighbourhood and set about completing them, if only they were actually on the market at reasonable values. However the banks would rather sit on these partially completed developments and maintain the fiction that they are (or ever will be) worth the investment costs.

I know from my time working in construction that properties (especially partially completed ones) deteriorate rapidly if they are left unoccupied for years. The partially completed developments are magnets for vandals, thieves and squatters and are also liable to weather damage. If they are left until the property market recovers to pre-2008 values (potentially decades) they will be utterly worthless. The choice is either to finish some of the more viable projects soon (giving employment to some of the 10,000s of unemployed construction workers and stimulating aggregate demand) in order to ensure that there are at least some returns on these investments that the state is going to pick up the tab for in the end anyway, or just to leave them to lose all of what value remains, scattered all over the country as decaying monuments to the excesses of reckless speculative capitalism.

Neither choice is a particularly good one but since we can’t go back in time to unbuild them, it is either try to salvage some economic benefit from them or leave them to ruin.

You said:

“Spain’s problem is its banking system, not its public spending which is actually smaller as a percentage of GDP than Germany’s. I’m not entirely sure why Rajoy is making these cuts as they don’t seem to achieve anything useful. I can only think that he hopes fiscal discipline will encourage Germany to feel more positive about contributing to the bailout of Spanish banks. If so, he’s dreaming.”

With this I completely agree, but I would venture to suggest that Rajoy is making the cuts for ideological reasons.

22. Frances_coppola

@21 TG

I do understand your reluctance to let these developments just moulder away. It seems a criminal waste, especially when there are people who could finish them. But in the end if there is no market for the finished developments they will still moulder away. Like Ireland, there has simply been too much building. Shelley springs to mind:

“I met a traveler from an antique land
Who said: Two vast and trunkless legs of stone
Stand in the desert. Near them, on the sand,
Half sunk, a shattered visage lies, whose frown,
And wrinkled lip, and sneer of cold command,
Tell that its sculptor well those passions read
Which yet survive, stamped on these lifeless things,
The hand that mocked them, and the heart that fed;
And on the pedestal these words appear:
“My name is Ozymandias, king of kings:
Look on my works, ye Mighty, and despair!”
Nothing beside remains. Round the decay
Of that colossal wreck, boundless and bare
The lone and level sands stretch far away.”

Spain, all too soon, I suspect. And maybe the whole Eurozone.

Very interesting thread.

And congratulations to Tom Clark for making a left macro economic case then going 10 rounds with our panel of experts (unlike Richard Murphy, who hangs his faeces out to dry then disappears).

The verdict is that Tom has taken a couple of black eyes but has also landed some blows and, remarkably, is still standing.

The point is that it doesn’t much matter what is done by anyone- Greece, Spain and the whole euro zone project are doomed and the inhabitants of the peripheral economies are in for pain no matter what.

The pain could be lessened if the euro project could be dismantled quickly and decisively but that is unlikely to happen because the politicians do not see it as being in their interests.

Pity really……….

I understand that you find the suggestion that the public sector should take over and complete the unfinished property developments astonishing, it is a bit of an unusual suggestion. I don’t think that the state neccessarily has to do all of the construction work, they just need to confiscate them from the creditors that are hoarding them and offer them at realistic values on the market.

You say that there is no market for Spanish property, but this is largely because the banks are sitting on 100,000s of properties rather than releasing them back onto the market, incurring themselves huge losses, which would further drive down over-inflated property values, unstalling the market but leaving themselves even more badly over-leveraged.

There are a million or so unsold properties and the Spanish can’t get the credit or otherwise afford to buy them. Yes, the banks are reluctant to reduce prices on the properties they now own. But if they did, who would buy them? Private owners are having to crash their prices. There isn’t enough demand. There wasn’t enough demand before 2008.

The Spanish don’t have any money, the British and Germans aren’t interested and while there are some East European bargain-hunters there simply aren’t enough.

http://spaineconomy.blogspot.co.uk/ for less simplistic analysis.

23. pagar

Thanks for your sporting analysis. I’m not a trained economist so I do tend to expect some criticism when it comes to airing my views on complex economic situations. I still maintain that measures will have to be taken to stimulate demand in the Eurozone, without demand the whole region looks likely to be sucked into an austerity death cycle.

http://anotherangryvoice.blogspot.com.es/2012/05/austerity-cycle-crisis-europe-recovery.html

I’ll certainly come back with another article some time soon and get involved in the blow the line debate, because I both enjoy a good debate and generally respect the kind of blogger that dares to respond to BTL comments, all to rare in the mainstream media.

23. pagar

Thanks for your sporting analysis. I’m not a trained economist so I do tend to expect some criticism when it comes to airing my views on complex economic situations. I still maintain that measures will have to be taken to stimulate demand in the Eurozone, without demand the whole region looks likely to be sucked into an austerity death cycle.

http://anotherangryvoice.blogspot.com.es/2012/05/austerity-cycle-crisis-europe-recovery.html

I’ll certainly come back with another article some time soon and get involved in the blow the line debate, because I both enjoy a good debate and generally respect the kind of blogger that dares to respond to BTL comments, all to rare in the mainstream media.

(I already posted this but it disappeared, even after I refreshed the page, apologies if it somehow turns into a doble post)

@22 Frances

Don’t get me wrong, I don’t disagree with you. The Spanish property market is a disaster zone. I know countless people trapped in negative equity and the area I live in is absolutely riddled with partially completed developments. Some of them are absolutely hopeless little concrete boxes that were meant to be sold for €100,000s. I can see nothing but the bulldozer for many of them, however there are some that seem to have potential.

I know extended analogies are rarely informative (the national credit card is maxed out analogy for government debt being the most infuriating and inaccurate one I’ve ever seen) but I’m going to try anyway.

Say a company speculatively invests a fortune in producing electronic gadgets but find there is virtually no market at their projected prices. They can either lower the price to stimulate demand and incur a loss, but at least pay back a proportion of the investment cost or they can leave them to become completely obsolete in the warehouse, writing off the entire investment cost in the process. (The second option seems to be the strategy of the Spanish financial sector with the property developments they funded). The problem is, that writing off the entire investment cost is going to send the company into liquidation, in that scenario the administrator sells off the gadgets at whatever price they can get before they go obsolete in order to generate at least a small return for the creditors.

With the Spanish property situation and the Bankia bailout/nationalisation, it looks like the Spanish government is going to end up fulfilling the role of the administrator and the Spanish taxpayer the creditor. Either they can just take the hit and write it all off or they can at least try to generate some kind of economic return for the taxpayer by turning the more viable ones into social housing (a proven fiscal multiplier) or releasing them onto the market at bargain basement prices to allow individuals and small businesses to complete them. In fact it would be better to practically give them away to those that would complete them, since the act of completion would create productive employment and stimulate economic demand, two things that are sorely lacking in Spain right now.

Things are much worse in Britain, where the Blairite traitor scum destroyed Labour and created a permanent Tory government whoever’s in power.

30. Frances_coppola

28 TG Clark

If only. What the banks are actually doing is nothing, because they believe the Spanish government will rescue them. And the Spanish government is also doing nothing, because it is hoping the EU will rescue the banks. And the EU is doing nothing at the moment, because it has not yet forced Spain into an Irish-style bailout. As none of them have any skin in the game, they have no incentive to attempt to make any money from the failed property developments. Nor have they any particular incentive to try fire sales to foreign investors at the moment (and to be fair to the EU it has no authority to force this). One of them will reach that point in due course. I think we can guarantee it won’t be the banks, but whether it is the Spanish sovereign or the EU remains to be seen. Sadly by then it may actually prove more cost-effective to bulldoze the developments and sell the land for industrial use – or even return it to food production.

31. MarkAustin

We do not have a Spanish crisis, but a banking crisis. The obnly reason that Spain is in the frame—it actually has a very low level of Government debt—is the almost unquestioned assumption that it must bail out its banks.

What if it doesn’t?

What if it nationalises the lot (without compensation as they’re effectively worthless), ring-fences the retail side—perhaps forming a new retail bank in the process, and then declares them bankrupt. Prosecutes the directors etc for whatever the Spanish equivalent of trading while insolvent is; prices the remainibng debt at what it is effectively worth (half or less I would guess). This transfers the hit to where it belongs: the northen mainly German banks whose reckless lending caused the crisis. Further, the property, currently overvalued as the banks are still pretending it’s worth what they lent will fall to a realistic valuation, thus kick-starting the market.

Further, as Spain’s Government debt is perfectly manageable, the Bomnd markets will relax—what is paniking the markest is that Spain will borrow so much to fund the banks that they will be unable to repay.


Reactions: Twitter, blogs
  1. Liberal Conspiracy

    Spain is also on the verge of a socio-economic catastrophe http://t.co/7EkXbIlu

  2. Fuck Oxbridge

    Spain is also on the verge of a socio-economic catastrophe http://t.co/7EkXbIlu

  3. Jason Brickley

    Spain is also on the verge of a socio-economic catastrophe http://t.co/ULP0ySUy

  4. paulstpancras

    Spain is also on the verge of a socio-economic catastrophe http://t.co/7EkXbIlu

  5. LilithOnTop

    Spain is also on the verge of a socio-economic catastrophe http://t.co/7EkXbIlu

  6. Claudio Procida

    Spain is also on the verge of a socio-economic catastrophe http://t.co/7EkXbIlu

  7. feyzi ismail

    Spain is also on the verge of a socio-economic catastrophe http://t.co/7EkXbIlu

  8. TUCGlobal

    Spain is also on the verge of a socio-economic catastrophe http://t.co/7EkXbIlu

  9. BevR

    Spain is also on the verge of a socio-economic catastrophe | Liberal Conspiracy http://t.co/JhrCxGqG

  10. Jane Alexandrea

    Spain is also on the verge of a socio-economic catastrophe | Liberal Conspiracy http://t.co/eXUnh9Bg via @libcon

  11. leftlinks

    Liberal Conspiracy – Spain is also on the verge of a socio-economic catastrophe http://t.co/ZDd1UOgU

  12. Encarni

    Spain is also on the verge of a socio-economic catastrophe http://t.co/7EkXbIlu

  13. paul smith

    Spain is also on the verge of a socio-economic catastrophe | Liberal Conspiracy http://t.co/k3mR6BPF via @libcon #otb #ows #bankster #fraud

  14. Hermes Trismegistus

    Nothing alarmist about this >> Spain is also on the verge of a socio-economic catastrophe http://t.co/Mdw7M2Ni #EU





Sorry, the comment form is closed at this time.