IMF to Spain: You're not f**king your citizens over fast enough

(Bloomberg) Spain is still in “the danger zone” and must keep up momentum in restructuring its economy to stave off contagion from Europe’s sovereign-debt crisis, the International Monetary Fund said.

“The outlook is difficult and the risks elevated,” the Washington-based IMF said in a report yesterday after a visit by staff to Spain. “The policy agenda remains challenging and urgent -- there can be no let up in the reform momentum.”

The assessment coincided with Prime Minister Jose Luis Rodriguez Zapatero’s decision the same day to call early elections on Nov. 20 and Moody’s Investors Service’s warning that it may downgrade Spain. The euro-region’s fourth-biggest economy is trying to rein in surging borrowing costs that have pushed the yield on its 10-year bond above 6 percent, hindering efforts to stoke growth as unemployment stays above 20 percent.

“Many of the imbalances and structural weaknesses accumulated during the boom remain to be fully addressed,” the fund said. “Spain is not out of the danger zone” and “scenarios of negative spillovers from Spain indicate a substantial impact on the rest of Europe and indeed globally, given the country’s systemic importance.” ............(more)

The complete piece is at: http://www.bloomberg.com/news/2011-07-29/imf-sees-spain-in-danger-zone-as-european-debt-crisis-persists.html

That is what the entire scheme is all about.
It is in an urgent hurry to grab as much wealth as it can before someone has the sense to say NO!

It is that simple.

...... Greece, Ireland, Spain, Portugal and Italy need to collectively say, "We won't pay. Rot in pieces."