Greece has fallen.
Ireland has fallen.
Portugal, hold the moment, but almost everyone gives as the next victim of the carnage of speculation.
And then there is Spain. No matter our level of debt is lower than in Germany. Never mind that our exports to grow apace. Never mind that our GDP of hopeful signs. Same thing. Those markets that allocate resources efficiently begin to consider the possibility of charging a piece of hunting as Spain. And Fierté have opted for it. If they win, they will earn much money, and if they lose, they will also lose a lot, muchñisimo as last summer. So it is not surprising that the top of a hedge fund in London yesterday to meet to find solutions to the case of Spain. We never say what is being bet.
truth, and here is a detail in our favor is that the supposed rescue of Spain would be of such caliber that could end up dragging the euro. English debt balance in the European banking system mania is so great that would be repeated in all probability the fear central banks in some countries of the Union and the euro (the greatest achievement of a united Europe in economic terms) would be compromised
Up a point that bothers me Grace, Ireland and, where appropriate, Portugal and Spain completed the dust and submitting to the will of markets that do not vote in national elections but end up imposing economic policies, cutting almost always restrictive and carry the burden of adjustment on the shoulders middle class. I wonder if it is logical to be entrusted to those who have shown so little zeal to keep clean their own homes, triggering a global financial meltdown. I know that the public debt issue is a basic tool of monetary policy and to make use of it are admitted to play to certain rules, but I wonder to what extent the system clean and fair. When they started three years ago problems, the countries came to the rescue of their banks, which had excessive greed and sin, therefore, socialized losses (including the U.S.). But now they must return to be the countries that bear the amount of the costs of rescue operations. Why not sit down and negotiate a debt reduction as Argentina anyone? Why are these investors who cried for the security of their deposits now are so unsympathetic?
Anyway, forgive the digression fruit of anger, but when one reads and sees what he reads and sees, can not fail to have her eyes in the style chirivitas Lina Morgan. Back to Spain. Just before the summer the Government had to put up their social policies and put forward a plan of austerity that is paying off (yesterday the data was published and cash deficit has been cut nearly in half), the reorganization of the financial system taking place in an orderly manner and the Bank of Spain's ruling with a firm hand the process of building savings banks, the weakest piece of the system by low aversion to mortgages. Even in the static world of credit union central bank is pushing for results in the field of solvency. That is, they are supposedly doing homework we had asked, but now we ask further duties. What remains? Side of government accounts should be local and regional authorities which show their cards and tell us to markets and voters how they intend to meet their obligations, it might be a good time to ask the validity of some instances. Maybe that calm the markets.
But who puts the bell on that cat?
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