Click to enlarge.
It looks like Spain's party ended about the same time ours did. Shocking!
See Also:
Mish: Problems in Spain: Revenues Collapse, State Spends Nearly Twice as Much as Revenues Collected in First Half
Source Data:
St. Louis Fed: Passenger Car Registrations in Spain
Spanish unemployment is at a record 24.6% and unemployment among those under 25 years is nearly 50%. There has to be tremendous social pain involved in that. Spain's history in the last century was brutal, and despite a brief period of prosperity, one might almost say illusory prosperity, this century is looking grim as well.
ReplyDeleteThinking about the drought and its impact on crops in the US, I am wondering what higher food costs will do to magnify that pain.
Spain might get it's bailout, but the prospects for the next year are dismal at best.
fried,
ReplyDeleteToo many Titanics; not enough bilge pumps. Sigh.