Spanish government struggles with crisis message Will Greek debt woes spread to Spai

Discussion in 'Economy' started by Neubarth, Feb 15, 2010.

  1. Neubarth
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    Neubarth At the Ballpark July 30th

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    Spanish government struggles with crisis message

    Will Greek debt woes spread to Spain? Gov't says no but deficits have grown and growth is gone

    MADRID (AP) -- Could Spain be the next Greece? The government bristles at the very thought, and points out its debt burden isn't nearly as heavy.

    It's a stinging comparison nonetheless for a country that only a few years ago had burgeoning growth but is now lumped with other deficit-laden countries on a watch list for a Greek-style crisis.

    The collapse of a real estate- and consumer-fueled boom has left Spain with a eurozone high jobless rate of nearly 20 percent, and the government ran up a deficit that in 2009 equaled 11.4 percent of GDP. That is way over the eurozone limit of 3 percent and earned Spain a place as the letter "S" in the inelegant PIGS acronym coined by analysts (the others are Portugal, Ireland, and Greece).



    Spanish government struggles with crisis message - Yahoo! Finance
     
  2. Neubarth
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    Neubarth At the Ballpark July 30th

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    My new Domino Theory has it that if one country falls the others will fall in quick succession.

    It sure looks like it is a possibility.
     

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