I am increasingly worried about what is happening in Spain. It seems that the crisis there is hitting a flashpoint with no obvious means of turning things around. Over the past few days, I have been reading and listening to Spanish media assiduously. Here is what is happening there based on my review.
What I have heard over the past twenty-four hours represents a full-court press by Spanish politicians of all political stripes. Clearly there is major concern in Spanish policy circles. Prime Minister Mariano Rajoy has categorically denied that Spain would ever need a bailout. He says his government is not seeking one and that the Spanish government will re-double austerity efforts to show it means business about getting its fiscal house in order.
Moreover, the Spanish government reac...
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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.