Europe seems to have reached the nadir economically, judging from the last few economic data points. But there is still a long way to go. In my view, Spain remains the most important country in Europe's sovereign debt crisis because of its large size and the potential for economic under-performance.
I have a slew of Spanish articles that provide more colour on the situation that I want to review here in the context of my overall thesis that Spain will need to apply for an OMT program by year end.
The latest problem is one of political corruption rather than poor economics. Spain is in an uproar over this scandal, particularly as Spanish Prime Minister Mariano Rajoy waited two full days before coming clean. The scandal revolves around papers of Luis Bárcenas, the ex-Treasury secretary of ...
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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.