“Rajoice” -Mariano the saviour

Mariano Rajoy would have you believe he is the turnaround king, they predict ” a light recession” next year ……….Open you eyes señor you are in the middle of a “light” recession. Your youth unemployment is >50%, your property prices are over inflated and coming off the top rapidly still, your banks are over-leveraged, your industrial production figure is negative (-2.6), your 10yr government bond is yielding 6%, your total unemployment rate is 24.3%, your own regions are looking for your head on a stick. Forgive me if I don’t believe you. You will get downgraded again by credit rating agencies probably tomorrow evening. You will have to get a bailout for your banks and you will at some point stop wasting everyone’s time and get on with and make some structural reforms to your tax base. End rant.

http://uk.reuters.com/article/2012/09/27/uk-spain-budget-reforms-idUKBRE88Q15020120927

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