Spain under the cosh

The replacement of one government by another will do nothing to lift the crisis in Spain's economy. 46% of people under 24 are unemployed and nearly one in four of all people of employable age are jobless.  Yet Spain is not a feckless nation in the Greek mold. The reasons for the nation's current plight are highlighted in this excellent article:

http://www.telegraph.co.uk/finance/financialcrisis/8903036/A-fifth-victim-falls-in-Europes-arc-of-depression.html

It will be interesting to see how the markets react in the coming week, not only in respect of Spain, but the continued nein, nein, nein from Germany concerning new powers for the ECB.

http://www.telegraph.co.uk/finance/financialcrisis/8903129/Markets-braced-as-fear-grows-over-new-Spanish-leader.html

The comments in the article below carefully ignores the issues raised in the first article referred to above.

http://www.spiegel.de/international/europe/0,1518,798623,00.html

Four items below on the election and aftermath.


http://www.bbc.co.uk/news/world-europe-15809062
http://www.telegraph.co.uk/news/worldnews/europe/spain/8901470/Spanish-Right-heads-for-biggest-election-victory-in-decades.html
http://www.telegraph.co.uk/news/worldnews/europe/spain/8903241/Spain-election-Conservatives-win-landslide-victory-but-new-PM-warns-there-will-be-no-miracles.html
http://www.spiegel.de/international/europe/0,1518,798926,00.html
At least the Spanish had an election and were not forced into accepting an EU imposed commissar.  Small comfort though as the new government has no magic wand to deal with the problems.

Interesting comment on Conservative Home

http://conservativehome.blogs.com/international/2011/11/spanish-socialists-becomes-fifth-eu-government-to-lose-power-during-sovereign-debt-crisis.html