Let’s follow the pattern of Spain (1)
Go green, go in debt, inflict pain.(2)
Too many are jobless (3)
The Socialists clueless (4)
They got voted out to Spain’s gain. (5) (6) (7)
(1) On eight occasions, the current occupant of the White House (Obama) has referred to the Spanish model as an example to follow.
(2) After a leaked Spanish government report, a newspaper in Spain (La Gaceta) confirms that the country’s “green economy” policies — the model for the Obama administration’s “green jobs” efforts — have been a disaster: expensive, ineffective, and unworkable
(3) The official jobless rate in Spain went from 7.9% in May 2007 to 19% in Nov 2009. It now stands at 22.8% (Oct 2011)
(4) The Spanish Socialist Workers’ Party (Spanish: Partido Socialista Obrero Español [parˈtiðo soθjaˈlista oˈβrero espaˈɲol], PSOE [peˈsoe]) is a social-democratic political party in Spain. Since the General election on 14 March 2004, the PSOE has been the governing party of Spain. The PSOE is a full member of the Party of European Socialists and the Socialist International.
(5) MADRID — Spaniards struggling with high unemployment and a credit squeeze delivered a punishing verdict on almost eight years of Socialist government at the ballot box on Nov 20 2011, turning to the conservative Popular Party in the hopes of alleviating the pain of Europe’s debt crisis. The Popular Party, led by Mariano Rajoy won 186 seats and a governing majority in the 350-seat lower house of Parliament, while the governing Socialists plummeted to 110 seats from 169. It was the Popular Party’s best showing, and the Socialists’ worst, since Spain’s return to democracy in the 1970s.
(6) Spain took advantage of strong demand to sell nearly twice as many bonds as initially planned at its final bond auction last year on Dec 15 2011, although market participants expect the country’s borrowing conditions to remain tough next year. The strong response to the auction, which brought much-needed respite to the battered Spanish bond market, helped power the country’s bonds higher, with the yield on bonds due in two years falling to their lowest levels since late October.
(7) Jan 27 2012 Fitch Ratings has resolved the Negative Rating Watch on six Eurozone sovereigns, downgrading the IDRs for Belgium, Cyprus, Italy, Slovenia and Spain while affirming ratings for Ireland. The Negative Outlook on all six countries indicates a slightly greater than 50% chance of a downgrade over a two-year time horizon.