{"id":582564,"date":"2010-05-28T05:40:00","date_gmt":"2010-05-28T09:40:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/spain-austerity-failure-2010-5"},"modified":"2010-05-28T05:40:00","modified_gmt":"2010-05-28T09:40:00","slug":"sorry-but-spains-razor-thin-austerity-vote-victory-will-soon-prove-itself-a-failure","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/582564","title":{"rendered":"Sorry, But Spain&#8217;s Razor Thin Austerity Vote &#8216;Victory&#8217; Will Soon Prove Itself A Failure"},"content":{"rendered":"<p><img decoding=\"async\" class=\"float_right\" src=\"http:\/\/static.businessinsider.com\/image\/4bff8e9e7f8b9a2a0d020200\/spain-fail-bull.jpg\" border=\"0\" alt=\"Spain Fail Bull\" \/><\/p>\n<p>Spain just barely passed a 15 billion euro austerity plan yesterday, by a single vote. The results were 169 votes for the passage, with <a href=\"http:\/\/www.telegraph.co.uk\/finance\/financetopics\/financialcrisis\/7771293\/Spain-approves-15bn-austerity-budget-by-one-vote.html\">168 votes against. <\/a>There were also 13 abstentions.<\/p>\n<p>Technically, this austerity plan is now a go, but was the razor thin victory margin essentially a failure?<\/p>\n<p>Problem is, Spain doesn&#8217;t just need to pass its austerity package, but it will need to implement it as well.<\/p>\n<p>Given enormous visible opposition as shown by the extremely tight vote, we should expect substantial public push back which could prevent the measures from actually happening.<\/p>\n<p>For example, the <a href=\"http:\/\/dealbook.blogs.nytimes.com\/2010\/05\/28\/in-test-of-zapatero-spain-approves-cuts-by-1-vote\/\">New York Times<\/a> has already reported that the nation&#8217;s two largest unions have announced that they&#8217;ll strike should austerity measures be &#8216;hurtful&#8217; of labor market rules. Which means they&#8217;ll strike for sure. Civil servants are also expected to strike next month, angered by cuts to their wages.<\/p>\n<p>The tight vote makes actual implementation of the passed measures doubtful.<\/p>\n<p><a href=\"http:\/\/www.businessinsider.com\/spain-austerity-failure-2010-5#comments\">Join the conversation about this story &#187;<\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/TheMoneyGame\/~4\/6m6hCV6OGco\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Spain just barely passed a 15 billion euro austerity plan yesterday, by a single vote. The results were 169 votes for the passage, with 168 votes against. There were also 13 abstentions. Technically, this austerity plan is now a go, but was the razor thin victory margin essentially a failure? Problem is, Spain doesn&#8217;t just [&hellip;]<\/p>\n","protected":false},"author":6205,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-582564","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/582564","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/6205"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=582564"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/582564\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=582564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=582564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=582564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}