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 →

Did you know that the Troika recommends increasing the retirement age?

On May 29th, 2013 the recommendations of the European Commission for all EU countries were known, except for those who are immersed in adjustment programs – the result of the bailouts (Greece, Ireland, Portugal and Cyprus). These guidelines govern the economic and fiscal policy of these states during 2013 and 2014, but include far-reaching reforms that will be difficult to alter.

In the case of the Spanish State, the European Union’s Council, following the recommendations of the European Commission, claims «other measures will be needed to control spending increases caused by the aging of the population, for example, proper regulation of the sustainability factor foreseen in the pension reform of 2011, which, among other things, provides that the retirement age is extended in line with increasing life expectancy». In other words, it «subtly» requires the Spanish government to delay retirement age. Sigue leyendo →

The Troika is the informal name of the “decision making” group made up by the European Central Bank (ECB), the International Monetary Fund (IMF) and the European Commission (EC).

These three multilateral agencies – integrated by various countries – study the economic situation of countries to point out what measures and economic reforms should be carried out if they want to consolidate their accounts and grow. These analysisare made from a clear neoliberal point of view,subject to pressure from corporate lobbies. The EU itself, in its voluntary «Transparency Register”, has 2524 registered corporate pressure groups, though, according to other sources, they are less than half of the existing «lobbies». Sigue leyendo →