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:

• Debt crisis: Spanish GDP falling at significant pace, from The Telegraph, Szu Ping Chan, September 26, 2012 - reading time 2 minutes.

• Anti-austerity protest erupt in Greece and Spain, from The Financial Post, from the Associated Press, Elena Becatoros, September 26, 2012 - reading time 3 minutes.