EUROPEAN UNION LOOKING FOR GUARANTEES FROM THE RESCUED COUNTRIES

In Brussels, they don´t want to be deceived, they fear that they won´t be able to collect the debt that countries bailed out by the European Union contracted. They have to face it and take realistic measures that are good for all parties.

Greece has received two rescues since 2010 amounting to 240,000 million euros and a third of 15000 or 20 billion is expected.

The Greek situation was reviewed in 2010 and triggered a cascade of rescue: Ireland 85,000 million, 78,000 million Portugal and Cyprus with 10,000 million.

In total 400,000 million in public assistance. An amount contributed mostly by Europe as the result of the solidarity contribution of community partners.

Spain benefited in 2012 from a credit line of 41,300 million, repayable in easy installments until 2026, this came when the situation in Spain became really hard with its highest unemployment rate in history now.

Valid for future validation Bankruptcy, Rajoy's government may approve measures, which would encourage companies deleverage and reduce debt in exchange for equity.

But the key to the vault is to recognize if Greece will be capable of paying what is due and taking a public debt of 317,000 million euros, 176% of its annual GDP after 21 quarters of recession that has caused a drop of 25% and a decrease of 40 % in the economy of families.

Spain has much at stake in bailouts, exactly 32.067 million euros, representing, for example, unemployment benefits for a year, or the money for ministries in the budget of 2014.

The risk is 8.000 million loans in cash, especially in Greece, Ireland and Portugal because it poses too much risk.

The Ministry of Economy does not discriminate the contribution to bailouts for countries.

It doesn’t remove the specter still present in Brussels, though. Two years ago investors were already victims of a cut back of 53 % before the second bailout.

Economists like Jose Carlos Diez, are not so clear about that and insist on Greece leaving the euro and reinventing their economic, political and social model, although that could be a point of no return.

Sandra Gómez Barceló