The results of the Spanish elections on Sunday November 20
represented a massive defeat for the Socialist Party (PSOE) which had
introduced austerity measures to make the workers pay for the capitalist
crisis, rather than a victory for the right wing Popular Party (PP)
which will now have to introduce even more savage austerity cuts in the
face of the acute crisis of Spanish capitalism.

Events in Egypt are developing at
lightning speed. Similarly to the last days of Mubarak in February this
year, we see daily battles on the streets of Cairo and elsewhere. The
Egyptian masses are determined to see the revolution carried through to
the end. The clash between revolution and counter-revolution is
provoking a crisis inside all political forces, as the rank and file
instinctively move towards revolution and the leaderships vacillate and
try to hold the masses back.

The Eurozone is passing through the
most serious crisis in its entire history. After Greece comes the
Italian crisis. This places a big question mark over the future of the
euro. We predicted long ago that in a serious crisis all the national
contradictions come to the fore, as we now see with the fractious
relations between Greece, France, Germany and Italy. The European Union
is facing the day of reckoning.