Did you know that the EU is more concerned about banks than about evicted people?

A delegation of the European Commission, in collaboration with the European Central Bank (ECB), the European Stability Mechanism (ESM), the European Banking Authority and the International Monetary Fund (IMF) visited the Spanish state between May 21st-31st, 2013. Their mission was to review the Spanish economic policies and financial sector assistance. It is the third visit of the «men in black» deriving from the ESM loan to bail out the banks. They carefully review the implemented policies and recommend more austerity measures.

This time, among other things, they were concerned about the government’s announcement about passing a law on evictions. In reaction to this, the delegation states:

«In this context, the Spanish government has engaged in reconciling and balancing the justified concerns of mortgage debtors with imperative financial stability concerns. The implementation of the new law on this matter should be monitored to assess whether the trade-off achieved is appropriate or adjustments to guarantee financial stability are required. «

This means that although the concerns of debtors are «justified», the imperative is the financial stability of the banks. The Troika prioritizes profits of the banks to the suffering of the people. Sigue leyendo →