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Old 15th February 2010, 12:10 PM   #1
Stephen
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Join Date: May 2007
Location: Yorkshire, UK.
Posts: 269
Default The economic situation in Spain

Luis Garicano from the London School of economics has written a piece in the Guardian on Spain's economy. Here are the first few paragraphs and a link to the whole article:

Spain is facing a credibility crisis. Property prices are crashing, wiping out a large part of many families' wealth and leaving banks with billions of euros in loans, which look increasingly risky in a country where up to 1.5 million houses appear unsaleable.

Unemployment is more than 4 million and rising sharply. It's clear that what once appeared to be solid public finances were nothing of the sort but were in fact an illusion based on bloated and unsustainable revenues from a property boom.

But Spain's credibility problem isn't just economic – it's political. For if it is to win back the trust of the markets it needs to show that it can diagnose the extent of its financial problems, take the necessary measures to correct them and find the national willpower to carry them out. http://www.guardian.co.uk/commentisf...ic-price-crash

He writes a regular blog (in Spanish) on economic matters at http://nadaesgratis.es/
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