Spain's youth asks: Why is there money for banks and not for us? - CNN.com 06/06/12 12:34

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Spain's youth asks: Why is there money

for banks and not for us? Recommend 175 people recommend this. By Julio Embid, Special to CNN June 5, 2012 -- Updated 1054 GMT (1854 HKT)

Part of complete coverage on Opinion on the news

Young Spainish people protest during a national strike in on March 29, 2012. A transit of Venus, an age of wondrous science STORY HIGHLIGHTS Editor's note: Julio Embid is a political scientist and deputy director June 6, 2012 -- Updated 0156 GMT (0956 HKT) Julio Embid: Spaniards want to at the Laboratory of Fundación Alternativas. Meg Urry says pay attention: know how much money This is your only chance to needs witness such a crossing. The (CNN) -- How big is the financial hole? This is the main question next one will take place in As Bankia sucks up financial aid among Spaniards nowadays. They want to know how much money 2117 Spaniards wait to hear news of Bankia, the country's fourth-largest bank, needs. welfare state cuts

People find it confusing that Bankia was created in 2010, a result of the merger of seven small The most trusted man in America there is no money for June 5, 2012 -- Updated 1727 GMT (0127 HKT) healthcare, but enough to entities including and Bancaja. For much of the second half of rescue banks the 20th century, Walter People will probably wait until Such cajas -- regional savings banks with board members appointed Cronkite was the authoritative voice of television news in summer is over to resume by the local authorities -- devoted part of their profits to social protests and strikes America, according to author purposes within their areas. They fell into enormous debt due to their Douglas Brinkley investments in infrastructure, and thousands of houses which were never sold. Poor and fat: The real class war June 5, 2012 -- Updated 1716 GMT (0116 HKT) Bankia was a proposal of the ruling Popular Party (PP, LZ Granderson says there are conservatives). The idea was to merge the saving banks and give an unignorable parallels between fat states, life expectancy, executive role to Rodrigo Rato, the former managing director of the poverty--and health care costs. International Monetary Fund and first chairman of Bankia.

Before these posts, Rato was Minister of the Economy and Treasury Follow CNN Opinion on Twitter in the first and second cabinet of Prime Minister Jose Maria Aznar, who led the country between 1996 and 2004.

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Rato was idolized in the conservative media, and credited with the Get the latest opinion and analysis from CNN's previous cycle of economic growth. All was running smoothly until columnists and contributors. May, when the current Minister of Economy, , forced Rato to resign as Bankia president while the CNMV (the Spanish agency for financial markets) suspended the stock exchange of Bankia when its price slumped to half its original value. Wisconsin's deep political anger isn't going away Now, as Bankia sucks up financial aid, Spaniards wait to June 5, 2012 -- Updated 1541 GMT (2341 HKT) hear news of cuts to their welfare state. Alan Borsuk says the recall vote in Wisconsin won't stop the intense approach to politics Every Friday could be a Black Friday, because it's always there Friday in Spain when cuts and bad news arrives at the cabinet meeting. Spain: Too big to fail, too big to bail U.S. economy heading straight for the The government recently approved a !10 billion euro ($12 cliff billion) cut in education and health programs, and will most June 5, 2012 -- Updated 2245 GMT (0645 HKT) likely announce it will spend !23 billion ($28 billion) to Amitai Etzioni says leaders in rescue Bankia. Washington can't afford to wait until after the election to deal with the debt problem So what do the people think? Spain banking to blame for stock drop According to the CIS, the public agency for surveys, Prime Minister has gone from a rate of approval of Fix, don't destroy, public worker 45% in January to 38% in May -- a significant drop considering he unions June 6, 2012 -- Updated 0448 GMT (1248 HKT) won the elections with an absolute majority only six David Gergen says if Gov. months ago. Walker wins Wisconsin's recall vote, it shows many people want unions to curb abuses. People, especially youth (for whom unemployment rates But we should not destroy Failing banks in Spain drag down economy are above 51%), find it difficult to understand there is no them in the process. money for healthcare or universities, but enough to go around when it comes to rescue banks or pay severance Conservative case for same-sex packages to bankers who have ruined their companies. marriages June 4, 2012 -- Updated 1401 GMT (2201 HKT) Up to now, no one has resigned empty handed. Christopher Wolf says the reasoning in last week's ruling declaring the Defense of But not everything is bad news for the government and its Marriage Act unconstitutional Bankia troubles put Spain on edge party. Their main competitor, the Socialist Party (PSOE, was based on conservative principle. center-left), trails in the polls.

Although it has won two regional elections this Spring ( and Bloomberg's visionary move against ), its leader Alfredo P. Rubalcaba generated "little" or "no" obesity confidence among 78.8% of the Spaniards, according to the latest June 4, 2012 -- Updated 1232 GMT (2032 HKT) David Frum thinks Mayor survey carried out by the CIS. Michael Bloomberg's proposal to ban oversized servings of So what happens now? All the parties in opposition have asked the sugary drinks in New York makes sense. government to open an inquiry into the Bankia case. It is difficult to justify the billions in cost without knowing exactly what happened. Forget big sodas: How about fries? Meanwhile, summer is on the way. In Spain, this is the time when June 4, 2012 -- Updated 2022 GMT (0422 HKT) political life is paralyzed and tourism boosts job prospects, especially Mark Pereira says Mayor Bloomberg's attempt to ban in the coastal towns. large sugary drinks is based on shaky science. Demonstrations, strikes and protests will probably be forgotten until September. Cyberwar headed to your computer? While transport prices and university fees rise, and the government June 4, 2012 -- Updated 1405 GMT (2205 HKT) increases taxes and lowers pensions, people prefer to stay at home Douglas Rushkoff says what's and support La Roja (Spanish national soccer team) and wait until it to keep the Flame virus from eventually being aimed at is cooler to take the streets. civilian populations?

The opinions expressed in this commentary are solely those of Julio Embid. Marco Rubio's deeds and words don't match June 3, 2012 -- Updated 1824 GMT (0224 HKT) How does Sen. Marco Rubio curry favor with Hispanic Recommend 175 people recommend this. voters and at the same time burnish his tea party credentials? Charles Garcia explains http://edition.cnn.com/2012/06/05/opinion/embid-spain/index.html Página 2 de 7 Spain's youth asks: Why is there money for banks and not for us? - CNN.com 06/06/12 12:34

Spain's youth asks: Why is there money for banks and not for us? - CNN.com By Julio Embid, Special to CNN June 5, 2012 -- Updated 1054 GMT (1854 HKT)

Spain's youth asks: Why is there money for banks and not for us?

Young Spainish people protest during a national strike in Madrid on March 29, 2012. Editor's note: Julio Embid is a political scientist and deputy director at the Laboratory of Fundación Alternativas.

(CNN) -- How big is the financial hole? This is the main question among Spaniards nowadays. They want to know how much money Bankia, the country's fourth-largest bank, needs.

Bankia was created in 2010, a result of the merger of seven small entities including Caja Madrid and Bancaja.

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