The Canadian media is doing a far better job of explaining the Spanish-Greek-Irish crisis than the LSM in the US with its crappy "news' stories and appalling "world news" coverage.
The story below illustrates just how connected all of these countries are and what the future holds.
http://www.cbc.ca/news/business/story/2012/05/16/spain-bond-yields.html
Just how big is the Spanish economy?
http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)
According to the site above, Spain is 12th in the world with GDP approaching
$1.5 Trillion at $1,493,513,000,000.
The main problem Spain has is MASSIVE youth unemployment and unemployment in general at 21.7% up from 8.3% just FIVE YEARS AGO.
Here's the Euro-Unemployment picture below: (Click for LARGER)
But youth unemployment is a WHOPPING 45%, that's close to half of Spain's under 30 year olds coming out of college without a job!
http://www.npr.org/2011/05/26/136683688/youth-protests-sweep-spain-as-unemployment-soars
http://www.guardian.co.uk/world/2011/mar/30/spain-unemployed-under-30-emigration
The ECB-IMF plan to hijack these economies and force them and their governments to take "austerity measures" will likely BACKFIRE because the population will not go along and as the youth unemployment gets worse, street protest will get larger and larger forcing the governments in these countries to reassess the ECB-IMF plan.
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