Paul Krugman in The New York Times on Spain's bailout. The liberal economist bemoans Europe's willingness to bailout the banks and not the people who really need it: The unemployed. "There’s nothing necessarily wrong with this latest bailout (although a lot depends on the details). What’s striking, however, is that even as European leaders were putting together this rescue, they were signaling strongly that they have no intention of changing the policies that have left almost a quarter of Spain’s workers — and more than half its young people — jobless." He says European elites are completely unwilling to admit that their "policies are failing the people the economy is supposed to serve."
The Wall Street Journal on Europe's bailout. The paper's editorial board is just as mad as Krugman, but not at the fact that average people aren't getting bailouts but that anyone's getting a bailout at all. "The Spanish bank rescue looks like one more exercise in twine and baling wire to cope with the consequences of its original sin of bailing out Greece. Athens couldn't be allowed to fail, we were told, because default would lead to contagion to other countries, a European recession, and perhaps to the breakup of the euro zone. Two years and three more bailouts later, Europe is in recession, and contagion has spread to Spain, and perhaps next to Italy."