“The European Stability Mechanism (ESM) would have two instruments like its predecessor, the European Financial Stability Facility (EFSF), that would only allow public money to be used for particularly risky transactions such as buying Spanish bonds, while private investors would provide the rest.  If the ESM gets approval to use the same leverage techniques as the EFSF, it would have a lending power of around 2 trillion euros without countries having to contribute any more capital to the fund.  But these leverage options have not been approved by all euro zone member states and Finland is especially reluctant to agree to them.”

http://www.cnbc.com/id/49142032

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“Most recently, the government raised the value-added tax three percentage points, to 21 percent, on most goods, and two percentage points on many food items, making life just that much harder for those on the edge. Little relief is in sight as the country’s regional governments, facing their own budget crisis, are chipping away at a range of previously free services, including school lunches for low-income families.  For a growing number, the food in garbage bins helps make ends meet. The Caritas report also found that 22 percent of Spanish households were living in poverty and that about 600,000 had no income whatsoever.”

http://www.nytimes.com/2012/09/25/world/europe/hunger-on-the-rise-in-spain.html?_r=2&emc=eta1&pagewanted=all

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