Iberia on the ropes

 Spain’s right-leaning opposition will thrash the ruling Socialists in November 20 elections, polls showed Sunday, as anger over an economic crisis spilled into the streets....

Spain’s [Socialist] government is paying the price of an economy that stalled in the third quarter with zero growth and unemployment that soared to 21.52 percent in the same period, the highest in the industrialized world. 

 In the only televised debate of the campaign, on November 7, Rubalcaba tried to skewer the Popular Party leader, accusing him of hiding plans to cut jobless benefits and financing for healthcare and education.

But Rajoy hammered the government’s economic and jobs record, arguing that the best way to protect social welfare was to create jobs and increase tax revenues.... (emphasis added)

Read the whole article at Raw Story

Spain’s right storming towards election win: polls
by Agence France-Presse

Spain is poised to tank if it elects an austerian government, as now seems baked in.

Portugal is also on the ropes.

LISBON, Nov 11 - Portugal's parliament approved the 2012 budget bill on Friday in its first reading, which promises sweeping austerity and the deepest recession in many decades as the country slashes spending to meet the terms of its 78-billion-euro bailout.

Reuthers: Portugal parliament approves 2012 budget


Europe continues to sink into the mire of euro-induced fiscal austerity as Ireland, Greece, Spain Portugal, and Italy, not to mention the EZ countries in Eastern Europe, buckle under, and even core-country France now is concerned about losing its AAA credit rating.