My HeyDay

Sometimes I think it is my mission to bring faith to the faithless, and doubt to the faithful


The Spanish Meltdown

Spain’s Economy shrinks at a 7.2% annual rate until March 2009. Here an excerpt:

Despite some recent positive development (decrease in interest rates and prices, fiscal stimulus measures, slight improvement in confidence, ECB purchase of cédulas hipotecarias…), Spain will not recover even as other economies begin to breathe again. The worst year undoubtedly could be 2011, and the unemployment rate by that stage could reach anywhere between 25% and 30% of the labour force if you accept the March 17.5% number as good.

Bottom line, a complete nightmare, with the only bright spot being imminent control of the political system being assumed in Brussels and Frankfurt, since along with the economy the political “automatic stabiliser” system also seems to be broken.
Here is the complete country-briefing. It's plainly scary, even if in my opinion this analysis is misrepresenting the strong interdependency of Spain and the other European economies: as soon as the European demand will recover, factories making pieces integrated in continental supply lines (i.e. cars, planes, appliances) will restart production in Spain and tourists will flow in again.

But still, the idea of being above 20% unemployment for such a long period of time is frightening.

Labels:

3 Responses to “The Spanish Meltdown”

  1. # Blogger مركز الاختيار للطب النفسي

    Cellulose is considered one of the insulating materials for the roofs and roofs of homes, and it is a material made of recycled paper, such as newspaper, as this insulation material contains a large percentage of recycled (recycled) materials, it represents 82-85 percent of this material, and the principle lies Manufacture by shrinking paper into small crumbs, and then converting it into fibers that are placed in designated places شركة عزل اسطح بحائل especially in building recesses and ceilings, so as to prevent air flow through them, and the companies that manufacture this material add borates combined with ammonium sulfate; With the aim of resisting fire, and what distinguishes this insulating material is its low cost compared to other insulation materials. As for the uses of cellulose in built and existing homes, it is placed in the cavities of the ceilings and walls.  

  2. # Blogger Unknown

    "HUAYDED789 หวยออนไลน์ 24 ชั่วโมง ระบบที่ทันสมัย แทงหวยง่าย โอนเงินไว หวยออนไลน์ที่นี่จ่ายสูง ส่วนลดเยอะ โปรโมชั่นพิเศษสำหรับสมาชิกใหม่ และสิทธิพิเศษมาก มาย แจกเครดิตฟรีอย่างต่อเนื่อง"  

  3. # Anonymous สล็อตออนไลน์

    สล็อตออนไลน์ ยอดฮิตกับ PGSLOT-TH.COM เว็บสล็อตน้องใหม่เว็บตรง แตกง่าย ปลอดภัย สะดวกเล่นได้ทุกที่ทุกเวลา ไม่ผ่านเอเยนต์ รวยทางลัดได้ง่ายๆ สนุกจนลืมเวลาก็ PG SLOT  

Post a Comment



Poldavo (Alex). Get yours at flagrantdisregard.com/flickr

© 2006 My HeyDay | Blogger Templates by GeckoandFly.
No part of the content or the blog may be reproduced without prior written permission.

Estadí­sticas