Why are people in Spain, Greece and the rest of Europe?

[hussein]

Whining about the austerity measures? Its their fault, they could not meet the loans. Its their fault and they owe the banks and are techincally stealing from the banks. This is a disgusting act on the behalf of the Greeks and the Spanish especially. They need to pay up and shut up. More austerity measures. Also NATO should takeover Iceland for breaking international law because they broke off IMF deals illegally. They refuse to pay the money they owe to the IMF and World Bank. Someone we need to invade Iceland when we have the time.

[breasal]

Might as well throw California into the mix as well.

-230,000 unionized state employees
-Unpaid pension benefits estimated to be over $150 billion
-Retired state employees making 125% of their original salaries
-40,000 state employees earning over $100,000 per year
-$3 billion of the states budget diverted to pension benefits
-Benefit costs to state employees has gone up over 2000% in the last 10 years.
-State revenues for the last 10 years have gone up only 24%
-$15 billion statewide spending deficit
-Highest tax rates in the country
-Highest gas prices in the country
-2nd highest foreclosure state in the union
-Unemployment rate well above the national average

http://online.wsj.com/article/SB10001424052748703699204575017182296077118.html

[garbhach65]

Austerity measures are a bandaid not a solution.

[nemausus36]

i hate the word austerity

[salvadore94]

You are totally incorrect about Iceland. Iceland did not break off IMF deals; quite to the contrary, the IMF holds up Iceland as its latest poster child.

https://www.google.is/#hl=is&output=search&sclient=psy-ab&q=site:imf.org+iceland+2012&oq=site:imf.org+iceland+2012&aq=f&aqi=&aql=&gs_l=hp.3...7502.8657.2.9024.5.5.0.0.0.1.426.1344.0j2j1j0j2.5.0...0.0.jLlbZ3vNeC0&pbx=1&bav=on.2,or.r_gc.r_pw.r_cp.r_qf.,cf.osb&fp=fd38eb26f775281&biw=2112&bih=1053

Iceland is well along in paying the IMF, and the IMF is so happy with the process that they pulled out of their supervisory role:

http://grapevine.is/News/ReadArticle/IMF-Leaving-Iceland

Please check your facts before you bash a country in the future. Thanks.