Over the weekend, I covered the extraordinarily disturbing new law that just passed in Spain which essentially criminalizes protests and allows for up to 30,000 euro fines for simply wearing a mask. It’s all starting to make sense now, as the country’s Prime Minister Mariano Rajoy prepares a new oligarch bailout, this time of the country’s highway operators who of course must be saved at all costs. They know the protests are coming and they want to be able to deal with uppity peasants when they feel the need to get out into the streets. Truly despicable. From Bloomberg:
Spanish taxpayers have bailed out banks and power companies. Next up are highway operators and their billionaire owners.
Prime Minister Mariano Rajoy’s government is considering a 5 billion-euro ($6.7 billion) plan to take over and guarantee the debt of about 364 miles (585 kilometers) of roads, according to two people familiar with the matter who declined to comment because no final decisions have been made.
“This is another repeat of ‘too big to fail’,” Jose Garcia Montalvo, an economics professor at Pompeu Fabra University in Barcelona, said in a telephone interview. “You don’t need to worry if something goes wrong, the government will come to the rescue.”
The roads are controlled by some of Spain’s biggest companies, including the Del Pino family’s Ferrovial SA, the Koplowitz family’s Fomento de Construcciones & Contratas SA, Sacyr SA and Actividades de Construccion y Servicios SA, run by Real Madrid Chairman Florentino Perez. They’re entitled to the rescue through a law passed under General Francisco Franco in 1972, which stipulates that when a private highway goes bust, the state has to repay its owners for the cost of the land and the construction.
Well sure, if a former fascist dictator says it’s the right thing to do…