The Pain in Spain That Threatens the Eurozone

Note

Ernest May Fellow in History and Policy Pierpaolo Barbieri is extensively quoted in this news article.

"If Greece was the focus of markets' angst last week, attention this week has shifted to the other end of the Mediterranean.

Spain's public finances are nothing like as grim as the Greeks', but a worsening banking crisis threatens to deepen an already painful recession and endanger the future of the eurozone.

The immediate cause of the pain in Spain is the need to recapitalize the country's fourth-largest bank, Bankia — itself an unwieldy amalgam of previously-ailing financial institutions...."

Continue reading: http://www.cnn.com/2012/05/31/world/europe/spain-eurozone-threat/index.html