Spain in Crisis: Austerity and Resistance
- Published in International Dimensions
- Written by Juli Highfill
In response to a perceived debt crisis in Spain, the European Union has imposed harsh austerity policies that have thrown the Spanish economy into a tailspin. Unemployment levels are the highest in Europe: 24.4% over-all and 50% for those under age 25. As unemployment grows, consumer demand falls, causing more businesses to fail, leading to further layoffs. Bankruptcies, evictions, and capital flight have reached record levels. Young people with skills are fleeing the country—350,000 in the past four years. And increasingly, senior citizens share their social security and pensions, however meager, with their children and grandchildren. The Spanish people are "paying for dishes they didn't break"—a refrain commonly heard in the streets and printed on protest signs.
