Fight Back News Service is circulating the following statement by the Political Secretariat of the Central Committee of the Communist Party of the Peoples of Spain (Partido Comunista de los Pueblos de España).

Fight Back News Service is circulating the following statement from the World Federation of Trade Unions (WFTU).

Most of the countries in the euro-zone, which includes most of the major economies of Europe (Great Britain and Switzerland being two notable exceptions), are now in a recession. The zone’s largest economy, Germany, is rapidly slowing. This growing crisis of overproduction among the capitalist economies of Europe is having a worldwide impact, with Asian economies and the U.S. being affected by slowing trade and growing fears of another financial crisis.

Agreement won’t help Spain’s economic depression

San José, CA – On June 9, Spain and the European Union made an agreement to bail out Spain’s troubled banking sector. This agreement means Spain is the fourth country (along with Portugal, Ireland and Greece) in the eurozone to have to take a bailout.

The two largest unions in Spain launched a one-day nationwide strike on March 29. Many flights and train services were canceled and factories were idled across the country. The auto manufacturing industry was hit particularly hard with almost all Renault, Volkswagen, Seat and Ford factories forced to stop production. Some television stations went off the air. Mines and ports were also severely impacted by the strike.