What happened when the Troika Came in? Has life changed?

How Spain could change after a rescue
en.elconfidencial.com/culture-so … escue-108/

Some comments here saying life after bailout hasn’t changed all that much.

Any pinsters care to differ?

The Irish are sufficiently right wing that we looked forward to the IMF intervening.

It hasn’t changed for most. YET

its only just beginning, when every last penny of real wealth has been shipped out or sold off the troika will pull the plug and throw whats left of the flock bleating yes to the wolves

Three things Spain can expect are
cuts to public service
cuts to pensions as pension make up a large % of expenditure
an increase in the age of getting a pension from whatever it is to about 68

I hoped they’d do more here - dictate to the government and yield the hatchet across the board. Instead they allowed the government to cherry pick and use stealth taxes while welfare, public sector expenditure and pensions remain too high. I wouldn’t mind a couple of extra % on income tax too if it meant we ended this farce sometime soon.

The pension age has changed.

You might have to wait until you’re sixty something to feel THAT pain, along with the pain in your arthritic kness as you shuffle along into work. (Bet you thought you’d be taking extended sunshine holidays by then).

A lot of the main tax rises and cuts were in place prior to the bailout. All public service paycuts and the union agreement with government to not further cut public salaries or compulsorily lay off public servants (in return for those guys not going on strike) pre-date the bailout.

This wasn’t a normal IMF bailout, as in just enough money to pay bills, balance your books and restructure some debts.

A troika bailout is different; they gave in our case money to fund an even larger deficit than we previously had at low interest rates. Then we’re given several years to balance our books/increase our debt to more stratospheric levels. It’s a little like watching your national team getting beaten 4-0 in a football match, and hoping that by slowing down the video or pausing that you can affect the result.

Even this week we’re allowed trot out nonsense claiming to have “saved” 1.2B on public pay when the public pay and pension bill has actually increased – the clowns are just hoping no one looks too closely at the numbers.

A requirement of the IMF was to put in place a property tax – this hasn’t even been half-heartedly implemented yet – a flat and largely ignored 100 euro per house charge as an interim measure and in fear of further spooking the housing market there’s complete silence on how a graduated tax will be put in a place six months from now aiming to bring in maybe 10 times what the 100 euro version was supposed to do.

I would guess that most people in serious trouble are still victims of the original Building industry collapse. The impact of that event would dwarf any pain associated with what has come be known as Austerity.