The unions in Spain organised a general strike today on the 100th day of Partido Polpular Marioano Rajoy's day in office. Spain is in a depression with unemployment over 20%, youth unemployment over 50% and GDP expected to drop a further 2% this year alone. Spanish bond yields are rising and stock prices are falling on the back of this. Citigroup Chief Economist Willem Buiter has recently written a piece that outlines his view that Spain will need to seek a bailout at some point this year.
I don't have a lot to add to the picture I gave you the other day of what is happening in Spain but because this is a day of the general strike, a large number of the links below are about Spain and the situation there, in both English and Spanish.
That's it. Here are the links.
Court docs show ...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.