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This is a post which I originally published at New Deal 2.0.
Ed mentioned earlier today in the links that I was going to post to add some variety to the discussions at Credit Writedowns. So, here is an article on Spain and the EU which demonstrates deficit terrorism in action – coming soon to a [...]
Spain's tag archives
Spain: Deficit Terrorism in Action
Jan
Estonia looks to join the Eurozone in 2011
Dec
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This comes from Bloomberg News:
Estonia is set to meet its goal of adopting the euro in 2011 because of the Baltic country’s work on fulfilling fiscal requirements, European Union Economic Affairs Commissioner Joaquin Almunia said.
“It is quite possible that Estonia will be in the euro by 2011,” Almunia told the European Parliament in Strasbourg late [...]
Buiter: “It’s Five Minutes to Midnight for Greece”
Dec
This December 2009 post is a reminder of the issues at stake with Greece. It is not credible for the EU to lend psychological and political support given the debt loads now burdening the Greek government. More is needed, either financial support, debt guarantees, or austerity – most probably all of the above.
Video: Fitch downgrades Greece to BBB+ as violence erupts
Dec
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Greece has been downgraded by Fitch Ratings to BBB+ over concerns about its budget deficit. Despite the cut, Fitch maintained a negative outlook on the country’s ratings, meaning it could fall further in the near future. This action highlights how the real sovereign debt crisis is in Europe not in Dubai.
The ratings agency said:
The downgrade [...]
New Citigroup maven Buiter warns of sovereign debt delusion
Nov
This post from November 2009 is a reminder of how things looked in the sovereign debt crisis just a few months ago.
Economic nationalism and GM’s decision to keep Opel and Vauxhall
Nov
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I have been reading press accounts of the GM decision to back out of the Opel/Vauxhall sale to the Magna/Sberbank consortium from various countries. There are a lot of different perspectives on this event in the U.S., Belgium, Spain, Germany, Russia, the U.K and elsewhere, because a lot of players are involved.
The conclusion I [...]
Spain: “we need to go back to 2000 wages and prices and start again”
Oct
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When it comes to the housing meltdowns in the richest economies, the US has been matched only by Spain, Ireland and the UK. All four countries have seen spectacular losses of wealth in the housing sector over the last two years.
The response by all four governments was to apply as much stimulus as they reasonably [...]
Spain: consumption drop four times as much as in ‘93
Aug
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According to the results of a study by the Spanish savings bank Caixa Catalunya, consumption will fall 4.1% this year, making the reaction to this downturn four times as severe as during the last big downturn in 1993. Back then consumption only fell 0.9%.
The results are not only an indication of the deteriorated employment outlook [...]
Spain: savings banks suffer while BBVA and Santander expand
Aug
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Spain has been a laggard in the search for improving economic fundamentals. The news coming out of Spain has been dreadful from employment to house prices to mortgages and banking. But the first ray of hope appeared yesterday when it was reported that late payments on loans granted by banks, savings banks and cooperatives fell [...]
Spain: Bleak forecast puts unemployment at 22% in 2010
Jul
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Citigroup has just released a forecast which is very troubling in regards to employment and growth in the Spanish economy. With unemployment already having hit 17.9%, Citigroup expects layoffs to increase this to 22% in 2010. Below is my translation of the Spanish-language article in Finanzas.
The stabilization that the Spanish labour market seems to have [...]
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