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Sunday, June 10, 2012

PressTV - Spanish protesters rally against bank bailout request

PressTV - Spanish protesters rally against bank bailout request

A protest against austerity measures in Spain (file photo)

People in Spain have taken to the streets hours after the government’s decision to request for a bailout for its struggling banks.

Protesters in the debt-ridden country were out on the streets of the capital Madrid on Sunday against the newly government’ decision on asking for European Union financial assistance to save the banks. 

The demonstrators were banging their pots and pans in protest against the government's call for help. 

They were telling their government that it's the suffering citizens that should benefit from international aid, not the financial institutions. 

Spain government on Saturday, after an emergency economic videoconference with eurozone finance ministers, announced the decision. 

“The Spanish government declares its intention to request European financing for the recapitalization of those banks that need it," Spanish Economy Minister Luis de Guindos said at a press conference after the videoconference. 

The decision is seen as a U-turn in policy by Spanish Prime Minister Mariano Rajoy, who had firmly ruled out the need for a bailout for the country’s banking sector. 

Spain has been under pressure to shore up its banking sector before the parliamentary elections in Greece. 

There are growing concerns that the outcome of the Greek polls could lead to the country’s exit from the eurozone and further destabilize the euro. 

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