Thursday, July 2, 2009

Spanish Can't Find the Green Shoots

In Consumer credit down a massive 33% in Spain, Credit Writedowns appears to be breaking news here:

Credit in Spain is contracting at an unprecedented rate, down 33% in the first quarter as Spain faces a housing bust and near 20% unemployment.

Click on the link for the brief post, most of which is Dr. Harrison's translation from the Spanish. He concludes:

Clearly, these are disastrous numbers. This is one reason that ratings agencies have been downgrading Spanish banks. I expect more bank failures or bailouts in Spain in the coming months.

Copyright (C) Long Lake LLC 2009

No comments:

Post a Comment