Spain Can't Even Muster Half Measures

I've outlined the sacred cows that need slaughtering if Europe is to make an economic comeback before, one of which was its massive subsidy regime for green energy.  Given its severe fiscal problems, Spain is, well, if not slaughtering this sacred cow, speaking in harsh tones towards it.

Under a broad energy-sector overhaul to be announced as early as June 21, Spain’s government will reduce subsidies to renewable-energy producers by 10% to 20%, people familiar with the plan said Thursday.
The move could drive tens of thousands of struggling solar-energy companies and individual investors like Mr. Cabrero into default at a time of deepening recession and eventually boost loan losses for banks that financed the projects. …

Bad cow!  Very bad, bad cow...