Former right-wing government of Jose Maria Aznar was a staunch supporter of George Bush’s oil wars around the world. Spain’s debt problems began to surface soon after global markets crashed in 2008.

May 29, 2010 (Hamsayeh.Net) - World stock markets plunged again after an international rating agency downgraded Spain’s credit rating. The Fitch agency cited weaker than anticipated economic data in mid to long-term for bewildered European Union member country.

Euro fell to 1.2281 against US dollar and down by 0.9 percent versus Japanese yen at 111.59. Experts believe Fitch rating could exasperate the already volatile European financial situation for many more months to come.  

The government in Madrid is closely following Greece by imposing its own austerity measures to cut down ballooning debt. Spain just like Greece enjoyed a period of relative prosperity when it joined US-led financial scheme following the Iraqi invasion.

Former right-wing government of Jose Maria Aznar was a staunch supporter of George Bush’s oil wars around the world. Spain’s debt problems began to surface soon after global markets crashed in 2008.  Like in Greece and Portugal, tourism is one of Spain’s largest sources of revenue.

Spain’s tourism industry has been hit hard because of America’s war on terror. US-NATO wars on terrorism continue to create an atmosphere of insecurity for investors and ordinary people in western industrial countries.

The country suffers form official unemployment rate at over 20 percent. Experts say the real unemployment figure in Spain and countries in southern parts of Europe is more than what official data show.