Two days ago, Spain and the rest of the Euro nations were in a panic because Spain, desperate to raise money, was about to issue bonds but could not find enough buyers, as the price of Spain's debt rose sharply and the cost to guarantee those bonds hit record levels. Then through deception, suddenly enough buyers supposedly appeared and global stock markets skyrocketed in relief.
But all this deception did was postpone a day of reckoning as Spain's situation, along with that of Portugal, Ireland, Italy and Greece grows worse. But rather than allow these nations' economies to collapse by trying to pretend their problems are solved, it is time to confront those problems, for their collapse will trigger a global economic collapse. If we don't address and solve these immense problems, something we are capable of doing, it will lead to a global financial Armageddon.
These nations, and the financial institutions that lent money to them are going to need a global economic bailout, a thought that turns my stomach, but it is reality. It is better to face reality and work together to solve these massive global economic problems than to allow them to grow worse, which has been happening for 2 1/2 years as politicians keep assuring us the problems are over.
Dick
To understand the current state of this mess, please see "Debate Grows as Europe Fears Return of Crisis," The New York Times http://www.nytimes.com/2012/04/18/world/europe/debate-grows-as-europe-fears-return-of-fiscal-crisis.html?_r=1&nl=todaysheadlines&emc=edit_th_20120418
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