Spain has agreed to accept a European Union bailout offer of up to $125 billion for its debt-ridden banks. The move makes Spain the fourth and largest European country to accept emergency international aid as part of the continent-wide sovereign debt crisis. Details on the terms of the deal have been kept under wraps, with no mention of new austerity measures that have sparked an uproar across Europe. After the bailout was announced, demonstrators with Spain’s Indignado movement gathered in Madrid to protest.

Mari Paz: “We are saying that this is a scam precisely because the aid should not be for the banks. It should be for the citizens who are the most affected by this crisis, not the bankers. I don’t think they are doing as badly as the citizens. The crisis has its origin in the markets, not in the citizens.”