Europe
Spanish Debt Problems Grow
Written by Bruce Walker
Spanish Prime Minister Mariano Radjoy obtained a $125 billion bailout for Spanish banks, intending to quiet the fears of investors, but the loan has not worked out quite as planned.
Following another last-minute late-weekend meeting of European Finance Ministers, Spain’s new Prime Minister Mariano Rajoy happily announced that not only would his country receive more bailout funds than it needs, it’s coming without any strings attached. This is because, according to Rajoy, the new measures instituted since the victory of his People’s Party last November have been so effective in bringing common sense and prudent behavior back to the country’s financial markets. Those “radical” fiscal, labor market, and financial sector reforms that were instituted were the key, he said.
As the PIIGS nations — Portugal, Ireland, Italy, Greece, and Spain — face the prospect of default, euro bonds are being considered as a remedy.
As Spain prepares for a major market test as it tries to access capital on Thursday, its Treasury Minister has announced that Spain has been blocked out of the market.
Authorities in the former communist nation of Bulgaria are reportedly persecuting a pastor and his family over their decision to homeschool, prompting an international outcry among home-education advocates who are calling on officials involved in the growing scandal to drop the case immediately. The matter is even more urgent now as the father has been threatened with criminal charges of “child abuse” for removing his son from government school, according to activist groups and news reports.
Pastor Yavor Kostov from the town of Vidin decided in February to withdraw his 13-year-old son from the state’s education system because of brutal bullying, the U.S.-based Home School Legal Defense Association (HSLDA) and local media reported. While researching various international distance-learning programs, the family decided to educate the boy at home by themselves. Local officials, however, had other plans.
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