Many citizens are asking why it is necessary to use public funds to save the banks when cutbacks in education and healthcare are being made. The question is not what for but for whom.
The banks hold our savings deposits and public funds, among other financial resources. If a major bank such as Bankia fails "systemically," in financial jargon, there wouldn't be enough backing to guarantee these savings deposits, and the government would collapse after not being able to pay its employees and maintaining public services.
Aid allocated to the financial sector is not for bankers to take for themselves, but to keep the system alive for the social benefit of all citizens. Anyone who doubts this should remember what caused the crisis to unleash in the United States.
