Jeremy Warner said:
15 June 2012 @ 02:16
Spain is a basket case, De Guindos is welcome to potter about blaming everything on "uncertainty regarding Greek elections" and calling for calm, but the simple fact is that the markets don't believe a word coming from Moncloa.
The idea that "markets" mount "attacks" is idiotic, anymore than 2nd hand car buyers "punish" Ford Escorts. Markets assess risk, ratings agencies assess risk, Spain is a disaster, with a collapsed housing market, 50% plus youth unemployment, 25% plus regular unemployment, 1.5 million homes with no income whatsoever, 1 million homes unsold...
This 100 billion (biilion, can you believe it?) will possibly cover the rescue of 3 or 4 Spanish financial entities, it won't begin to cover the real debts.