Posted on 10/06/2012 8:09:59 AM PDT by blam
The Dismal Truth About Spain's Desperate Economic Situation
Matthew Boesler
Oct. 6, 2012, 8:03 AM
While Europe watches and waits for Spain to submit a formal bailout request to the EU and the ECB, the economic situation on the ground there continues to deteriorate.
Huge protests against austerity measures engulfed Madrid last week as angry voters displayed their discontent in the streets.
Spain recently revealed more austerity in its 2013 budget, which will likely have to be modified to include deeper cuts when over-optimistic macroeconomic growth assumptions don't materialize.
Spain also announced a 60 billion euro capital shortfall across its national banking system, but the macroeconomic assumptions used in that test are likely too optimistic as well. On top of that, more bank capital will continue to be destroyed as the Spanish housing bubble continues to deflate.
SocGen strategist Kit Juckes wrote that "all the ECB’s money won’t make recession go away and until a growth strategy is implemented by Europe’s politicians, this crisis can’t be brought to a satisfactory end."
And right now there is no growth in Spain.
(Excerpt) Read more at businessinsider.com ...
A very good customer of mine just moved and took his family to Spain to experience a different culture....
Pretty sure this was not on his mind...
Personally I think he lost his mind....
Spain may yet turn out to be AlQeda’s greatest victory. People forget that that prior to the Madrid train bombings, Spain had a successful, conservative government. The economy was doing well. They were a supportive ally after 9/11. The bombings, days before the election..gave it to the Socialists..Spain surrendered. .It took them less than 7 years to completely run the economy into the ground..
Spain may yet turn out to be AlQeda’s greatest victory. People forget that that prior to the Madrid train bombings, Spain had a successful, conservative government. The economy was doing well. They were a supportive ally after 9/11. The bombings, days before the election..gave it to the Socialists..Spain surrendered. .It took them less than 7 years to completely run the economy into the ground..
And this is quite correct....Spain seemed to disintergrate after the Madrid bombings, and brining in a Socialist government right afterwards
One of the first accomplishments of the Zapatero government? Undermining traditional marriage despite over a million marchers standing behind it.
That will never be undone.
But, but . . . they got gay marriage, didn’t they?
Spain Police Beating Everyone: A Warning To America !
That is Judge Napalitano speaking . . .
Preview for America.
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