Video: Thousands Protest in Spain
New round of cuts
- Duration 2:15
- Date Sep 28, 2012
New round of cuts
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Focus on Spain.
Well I think Martha because as you mentioned and you should and you showed us there were these very violent clashes between protesters and the police this week.
And this was after prime minister Mariano rob rob -- laid out a whole new list of austerity measures -- people just saying.
How much more can we take.
And then there is this report card anticipated later today about the true state.
Of Spain's embattled banks banks that have taken a hit because the property bubble burst.
Some fear this report card could really just fuel further and security leading to a sort of self fulfilling prophecy for example -- bonds or degraded to junk status.
It would mean that most institutional investors would have to sell their Spanish bonds on Monday morning.
Which as you can imagine would hardly improve the situation now some in Spain have bristled at American reporting about people.
Get out of trash cans.
The Spanish according to -- contact there I spoke to are very sensitive about the way they're being portrayed.
And believe that we are exaggerating their problems that marked as you pointed out the fact remains unemployment is at 25%.
And you -- and unemployment.
-- you know it's sad to see what's playing out on the streets there.
And Italy is also in very rough shape so what's happening -- Amy.
-- prime minister Mario Monti said that Italians he admitted this are having to endure unprecedented.
Painful measures when it comes to austerity cuts so we saw some demonstrations today in -- big train.
Trade unions marching but the bottom line in Italy is that that newspapers are full of stories of corruption every day politicians using public funds.
For private expenditures hundreds of MP's right now are under investigation so.
Reading about all of this in the papers is particularly hard for a public that is being asked to in door cuts in salaries.
Pensions health care and put it simply.
Countries like Spain and Italy -- And Greece have had the same interest rates that Germany has had for all these years and they haven't dealt with the inefficiencies in their systems they haven't had growth and now it's all just exploding she can see and act on those issues have really coming home to -- it's a lesson for the world.