Spanish crisis may make people long for Greek crisis

Page last updated at 13:21 GMT, Tuesday, May 1, 2012 - 18:21 EST

Catholic Online:

Hopes are fading that the government will be able to cut its budget deficit as predicted.

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Pressed into severe austerity measures in order to stay afloat, massive crowds have taken to the streets to protest conservative Spanish Prime Minister Mariano Rajoy's budget cuts and emergency measures. In Madrid, the country's capitol, thousands have demonstrated against education and health care spending cuts in Madrid.

Hopes are fading that the government will be able to cut its budget deficit as predicted. That nation raises the specter that the country might be locked into an ever downward financial spiral.

Suffering from 24.4 percent unemployment and a deficit of 8.5 percent as of the end of 201

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