Protests in Spain Rise As Economy Collapses, Impacting Many Countries | The Minaret: The economy in Europe has not been stable since the 2008 stock market crash. Eurozone, the economic union in which its members use the Euro as its sole currency, has been losing control of their debt. This has caused concerns of bankruptcy and countries defaulting (failing to pay financial obligation) on their debt. One member of Eurozone, Spain, has been on close watch. Spain has become the newest victim of towering bankruptcy and possibility of default. Their economic instability is starting to make investors and the rest of Europe concerned of what will become of the country’s economy.
According to the Associated Press, protests broke out in Madrid on Sept. 25 outside the Spanish Parliament concerning the economic state, the 25 percent unemployment rate and the fear of an austerity budget (a policy to reduce the deficit by cutting public services and benefits). The protesters amounted to hundreds, resulting in 38 arrests and 64 injuries...
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