MADRIDâCelestino Corbacho probably has Europe's toughest policy job outside of Greece. The labor minister for a country with almost every fifth worker out of a job and a ballooning budget deficit, Mr. Corbacho is locked in a struggle with employers and unions to prevent Spain from slipping into a fiscal spiral that could land it with a crisis on the scale of Greece's. Two years ago Mr. Corbacho was a political boss for Spain's ruling Socialist party in Catalonia, where he had won reelection several times mayor of Hospitalet de Llobregat, the region's second-largest city. That made him a natural pick for Spanish Prime Minister Jose Luis Rodriguez Zapatero; traditionally, Spain's socialist prime ministers are expected to fill a number of prominent positions from Catalonia, which delivers a lot of the Socialists' votes. ... Following the collapse of a decade-long construction boom, Spain's unemployment rate is 19%âand 35% for 20 to 24 year olds. The â¬30 billion ($40 billion) earmarked for unemployment benefits dwarfs nearly all other expenses in the government's 2010 budget. http://online.wsj.com/article/SB100...70010368274.html?mod=WSJ_World_LEFTSecondNews
And yet they are less fat and have longer lifespans than americans. Stick that in your double whopper.
Spain 10 year yield breaking out of 6 month base http://noir.bloomberg.com/apps/quote?ticker=GSPG10YR:IND +0.179% to 5.73% Italy 10 year yield also moving higher and towards top of 2011 calendar year range http://noir.bloomberg.com/apps/quote?ticker=GBTPGR10:IND +0.10% to 4.94% " 2-Year Greek Bond Yield Hits 28.15%; Investors Bet on Prospect of 'Greek Accident' " http://globaleconomicanalysis.blogspot.com/2011/06/2-year-greek-bond-yield-hits-2815.html The EUR/USD has largely ignored the Greek / Portugal / Ireland debt problems in the past 12 months - the EUR/USD has risen from below 1.2000 to above 1.4000 despite the 10-year yields rising in those three countries. However as per this analysis: http://www.zerohedge.com/article/charting-key-breakdown-levels-eurusd-sp-vix-and-spanish-10-year "As previously highlighted thereâs still a relatively strong inverse correlation between the Spain/Germany 10-year spread and EUR/Crosses such as EURCHF. Overall, a break higher in Spanish 10-year yields would therefore quite likely have significant negative implications for the EUR."
It's more like 40% unemployment for the under 30s. Truly shocking how incompetent the global politicians are. They are an absolute disgrace with their never ending short term polices designed not for the benefit of their countries, but to get re-elected.
Re-elected? Naw, the current crop are not nearly that big on such long range planning, unless their re-election is this year. All the elected officials want to do is finish this time around before the music stops. I mean, look at The One for instance. He's already making one term noises. Wait `til US taxpayer dollars are used via the IMF to bail out Greek retirements at 45, then Greece folds up anyway. Even Bob #@&^$#* Dole could destroy a presidential reelection bid with that nuclear bomb.
truly shocking how delusional people around the globe are. they are an absolute disgrace with their never ending greed and fears, actions which are not beneficial to themselves, but to the elites. the politicians would disappear overnight if people will choose to do so.