“We can’t finance at current prices for too long,” Mr. Rajoy told legislators in parliament. “There are many institutions and financial entities that have no market access. It’s happening in Spain, it’s happening in Italy and in other countries, that’s why this is a crucial issue.”
Stop spending more than you tax and you no longer care!
See, this is the problem — the entire problem and the only problem. Spain simply refuses, as do other western nations (such as the United States, natch) to stop spending more than it takes in from tax revenues. Instead they want to “finance” (borrow with no intent of ever paying it back!) the money.
But doing that simply dilutes the currency. It is a tax through undemocratic, back-door means — it is effective theft from the public.
Rajoy deserves to be deposed — along with all of the other national heads advocating such nonsense. There is no solution to the problems being faced in Europe, and which will come here to the United States sooner rather than later, other than for governments to stop spending money they cannot tax from their citizens.