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-- 'Spanish economy in "huge crisis" after credit downgrade' (http://www.elitetrader.com/vb/showthread.php?threadid=241548)
'Spanish economy in "huge crisis" after credit downgrade'
by Nigel Davies MADRID | Fri Apr 27, 2012 1:08pm BST
"(Reuters) - Spain's sickly economy faces a "crisis of huge proportions", a minister
said on Friday, as unemployment hit its highest level in almost two decades and
Standard and Poor's weighed in with a two-notch downgrade of the government's
debt.
Unemployment shot up to 24% in the first quarter, one of the worst jobless figures in
the developed world. Retail sales slumped for the twenty-first consecutive month as
a recession cuts into consumer spending.
S&P now has Spain on a BBB+ rating, which means "adequate payment capacity"
and is only a few notches above a junk rating. Fitch and Moody's still rate Spain's
sovereign with a "strong payment capacity"."
http://uk.reuters.com/article/2012/...tors_picks=true
50% of the young are unemployed.
Not only in Spain but globally
This is what happens when you go to long between culling
Been a while since we had a good global world war
ya eventually all these boomers will be forced into retirement and we can pass the jobs to the youth.. they will not like them and start and want more $$ anyway..
How off are our gov't unemployment #'s compared to reality? In the USA
US equity markets going up every single day. No one cares about spain. Nuke it into the sky and we will probably be up 500 pts.
If Spain gets in trouble with their July funding, the Stability Mechanism will pick it up. I think Italy is the big problem.
Quote from Covertibility:
If Spain gets in trouble with their July funding, the Stability Mechanism will pick it up. I think Italy is the big problem.
Greece was highly relevant towards the US, so is Spain.
Not in the short term, ie now but Greece moves to Spain which leads to Portugal which leads to Italy (or the other way around) just like a set of dominos.
Then it's not Greece, Spain or Portugal it's EUROPE and that leads to the US. Plus don't forget Japan, they can't last for much longer. Throw in China as the wild card (maybe Europe's problems sets China off).
It's all about debt folks and that can be hidden and forgotton about in the short term but then the problem just gets bigger....
Timing is of course everything and as for US stocks, who knows, but if there are to be good shorts it's not yet. Better to short at lower levels with some sort of confirmation that the top is in.
Quote from Grandluxe:
US equity markets going up every single day. No one cares about spain. Nuke it into the sky and we will probably be up 500 pts.
The first ever permanent rally has been achieved.
Quote from AK100:
It's all about debt folks and that can be hidden and forgotton about in the short term but then the problem just gets bigger....
Quote from Nick29:
The first ever permanent rally has been achieved.
remembered I'd forgotten this
https://www.cia.gov/library/publica...ok/geos/sp.html
Spain - Economy
GDP (purchasing power parity):
$1.411 trillion (2011 est.) country comparison to the world: 14
GDP - real growth rate:
0.8% (2011 est.) country comparison to the world: 190
Public debt:
68.2% of GDP (2011 est.) country comparison to the world: 33
Debt - external:
$2.57 trillion (30 June 2011) country comparison to the world: 9
Budget:
revenues: $561.6 billion expenditures: $692.2 billion (2011 est.)
population:
Italy : 61,261,254 (July 2012 est.) country comparison to the world: 23
Spain : 47,042,984 (July 2012 est.) country comparison to the world: 27
since when does spain need money
beta testing new pizza sauces?
Quote from flipside21:
Nothing matters anymore as long as central banks promise to keep the spigots open.
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