Letting everyone know our view of austerity THE first hints of optimism are appearing in Europe’s troubled Club Med countries. They are not to be found in unemployment or growth figures, but mostly in the mouths of ministers. “Spain is emerging from its crisis,” declared Fatima Bañez, the labour minister, even as unemployment rose above 25%. In Greece ministers are pointing proudly to their progress towards a primary budget surplus. Everywhere economists are welcoming rising net exports and shrinking budget deficits (see
briefing).Yet ordinary voters and the unemployed are mostly unimpressed. On November 14th in Spain angry protesters took to the streets in the second general strike they have staged in less than a year of Mariano Rajoy’s People’s Party (PP) government. The strike, and a similar protest in neighbouring Portugal, brought most transport links, schools and many businesses to a halt. Police clashed with violent...
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