Weisbrot, M. (2015) “Will Podemos rescue Spain’s unemployed youths?“, Forbes Magazine, Commentary, 09 March.
In just two months since it was created, the leftist party pushing for an end to austerity in debt-troubled Spain has won 8% of the vote in Europe’s parliamentary elections.
Earlier this year, the electoral victory of Syriza in Greece marked the first government elected within the troubled eurozone to finally say no to European officials who for years have been pressing for less government spending and for sweeping economic reforms to remake Europe. While many thought it was impossible for a small country that made up just 2% of the 19-nation eurozone’s economy to meaningfully change Europe’s economic trajectory, it is already happening.
Last month, Greece received a four-month extension on its loan from international lenders. While some have viewed this as another example of Athens prolonging its debt troubles and ‘kicking the can down the road,’ it is a significant victory for Syriza. After all, this marked the first time Greece has been able to renegotiate the terms of its bailout. And on Monday, officials are expected to present its proposals to eurozone finance ministers. If the proposals are eventually rejected, Greece is considering calling new elections or a referendum over its deal with lenders.
As the Syriza Party continues to build on its momentum, could Spain’s Podemos, too?
Relevant posts:
- Feldman, N. (2015) “Greece Turns Left, Europe Goes Right“, BloombergView, 30 January.
- Kennedy, P. (2014) “Opinion polling leaves little doubt Podemos could break into the mainstream of Spanish politics at next year’s general election“, LSE EUROPP, 12 November.
- Flesher Fominaya, C. (2014) ““Spain is Different”: Podemos and 15-M“, LSE EUROPP, 04 June.