Monde News

March 14, 2008

Socialism in Spain

Filed under: Socialism,Spain,Spain's Election — ksarti @ 2:00 am

spain.jpg Zapatero was re-elected on March 9th to another 4-year term as Prime Minister of Spain. He lead his Socialist party through another victory but will face tough economic times. Inflation is at 4.3%, growth is slow at 2.4%, much lower than previous year, unemployment is rising, and housing market is also crashing.

What happened to once shinning Spain? Major infra-structure reforms haven’t been made, reliance of economy on building boom and cheap immigrant labor has been hard to sustain, especially since reforms on these subjects were also not made. In addition, ETA is also both a distraction and a disturbing factor in Spain’s daily life; the regions that want separation; and finally the Catholic church that is financially supported by the state. Yeah… all that can amount to one big mess.

Like the US, a tax rebate is on its way to be approved as an economical stimulus. And like in the US, this help is questionable as far as how really helpful it will be. It’s something we’ll have to wait and see…


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