My prediction is that it will happen in early 2012, because the People’s Party is likely to be elected in April of that year. The ruling Socialist Party knows that they’re going to lose the election and in order to screw over the more economically liberal PP, and tie their monetary policy to the EU, they’ll ask for a bail out from the EU. Plus they’ll have nothing to lose then, and their constant optimism and bread and circuses won’t serve an purpose anymore.
Why do I think this will happen? Well, this is exactly what happened in Portugal, as reported in the Asia Times,
The news that Portugal has requested a bailout from the European Union is hardly surprising. The outgoing socialist government, having wrecked the economy and emptied the government coffers, wants to tie down its center-right successor, due to be elected June 5.
Similarly, when later this year Spain finds itself in similar or worse trouble and approaching an election in April 2012, you can be pretty sure that the corrupt Spanish socialist government will make the same choice.
Spain will ask for a bail out, but that doesn’t mean that they’ll get it, of course. We don’t even know if Europe can afford to give them it. Maybe they’ll take it from the EU-IMF fund instead or it will just be rejected. At that point Germany might be starting to get angry with the so-called PIIGS.
Spain has now been the sick man of Europe for some time. Or rather, it’s the gangrenous arm of a sick half-corpse, because the northern countries aren’t far behind them, especially Britain.
Free Republic has a good article which points out the four main causes of Spain’s downfall, stemming primarily from Socialist Policies, Incompetent Politicians, Reckless Government Spending and Voter Apathy.
Whew . . . I was almost worried for a second about the USA.