$125 Billion Bank Bailout Announcement Sparks Massive Protests In Spain

People in Spain have taken to the streets hours after the government’s decision to request for a bailout for its struggling banks.
Just hours ago it was announced that Spain has officially put forth a request for $125 billion to recapitalize their banks in the midst of a European wide bank run.
Within hours of the announcement a massive number of citizens are now flooding the streets of the capital city of Madrid to protest the bailout.

As the sovereign debt crisis has made it infeasible to access funding from the markets Spain is being forced to borrow money from other European nations to pay for the bailout.

The additional debt will add to the overwhelming debt load Spanish citizens are being forced to pay as they face harsh austerity measure in the midst of raging unemployment in a depression-like economy.

Categories: ECONOMY

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