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Maternity Leaves Around The World: Worst And Best Countries For Paid Maternity Leave (PHOTOS)

Maternity Leaves Around The World: Worst And Best Countries For Paid Maternity Leave (PHOTOS)

Commented Jun 3, 2012 at 07:28:58 in Canada Living

“No, Spain's in trouble due to their housing/construction bubble bursting. With banks happily handing out over inflated mortgages to people who couldn't pay, the government ended up bailing out the banks, while dealing with the massive fallout of having over a quarter of it's population unemployed and a dead housing market with more houses empty than the US. Leaving a vast amount of people unemployed, no longer paying into the economy, claiming their meagre unemployment check for a maximum of 2 years, after which time, they claim nothing. Added to this, many purchased houses when the economy was good but now, on unemployment, cannot afford their over inflated mortgages and end up defaulting, creating more pressure on the banks, forcing the government to pour more money into fat cat coffers to sure up the banks despite the bank bosses paying themselves an exaggerated bonus. With the economy teetering on the brink of bankruptcy, the markets get jittery and their cost of borrowing jumps up, making it even harder for the government to pay it's debts. Being part of a joint currency, the Euro, they cannot then devalue their currency to make themselves more competitive and eventually things spiral out of control. Spain is a classic example of what happens when CAPITALISM goes horribly wrong. I would suggest you not jump to the conclusion... Socialism is ebil, because Capitalism isn't much better and if I recall, the domino effect of the world crisis wasn't started in a socialist country.”