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A Different Way to Say the Same Thing About Spain

If you read this Newsletter you know I believe the next few weeks will prove to be very difficult for Spain as:

  • the results of its current ongoing bank audit (due to be released tomorrow) become known;

  • Spain releases its 2013 Federal budget, also due this week;

  • Spain is forced to come to grips with its financial bailout needs and the related conditions, austerity and otherwise, that will go along with that; and,

  • the rest of the European Union, the Eurozone, and the world consider whatever 'new' information is forthcoming for the Eurozone as a result.

For a somewhat different slant on where Spain stands, but nonetheless a view that I think inevitably takes one to the same place, you might want to read an article published Tuesday titled Courting disaster in Spain. The article is written by Marshall Auerback, currently a portfolio strategist with Madison Street Partners, Denver, Colorado.

You might also want to read:

Debt crisis: Spanish GDP falling at significant pace published yesterday, where it is suggested Spain's output continued to fall significantly in the 3rd quarter just ending. While that is not a great surprise given the likely downward spiraling effect of a deteriorating economy, it has to add worry to an already worrisome situation; and,

Anti-austerity protest erupt in Greece and Spain published yesterday that discusses escalation in both Spain and Greece over anti-austerity measures. As I see things, such demonstrations are only likely to get worse as things become ever more economically difficult for the people of both those countries. An important question has to be: Is this a process that is going to be repeated in other developed countries as we go forward?

Topical Reference: Courting disaster in Spain, from Credit Writedowns, Marshall Auerback, September 25, 2012 - reading time 4 minutes. Also see:

 

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