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Spanish Debt-To-GDP Surges To New Record High
The last 2 years have seen the clearest indication of the health of Spain deteriorate at its fastest rate on record. In spite of constant reassurances from Rajoy et al. that recovery is here, as we noted here, it's not just unemployment that is dogging Spain; and now - having risen at a stunning 25.8 percentage points in the last 2 years, as Reuters reports, Spain's debt-to-GDP has hit 93.4% - the highest level in more than a century. Of course, we should not worry... Spain has reassured investors that sees the debt-to-GDP ratio peaking at 101% in 2015 and 2016, then it's plain-sailing to nirvana.. (and do not contradict them!)
Chart: Bloomberg
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more debt equals more money yea
Sure. Tell that to Argentina.
Hee hee.
Recovery!
Remember when we used to fear countries like Spain and Italy getting in trouble because they were "too big to bail"?
Those fears seem almost childish now- like being scared of the dark- don't they?
I know, this complacency that's settled over the markets is much more enjoyable. It's so nice not to have to worry about debt anymore.
Just like Cyprus. Everything was calm until... Hell finally broke loose. The Banksters need the sheeple deep asleep before they bring them to the slaughter house in the middle of a Friday night for a weekend holocaust.
I can't believe I didn't get a single down-vote on my original post (as of this writing). I think you guys are right. We may be over-doing this complacency thing a bit.
Fear not, there is no amount of debt the central banksters cannot monetize. That is money-for-free: the government issues debt, the central bankers buy it and return all interest to the Treasury. When the debt matures, the government just rolls it. Sweet, huh?
Dinero ex nihilo. The faux-secular central bankers all worship at the Church Of Fiat.
That's weird.
My son just bought a dozen condos in Madrid.
does that make him 12x's a citizen?
they need to learn how to cook the numbers like the fed and the bls.... slackers
Lest we not forget those under(non)performing Spanish loans?
http://www.zerohedge.com/news/2013-10-18/spanish-bad-loans-soar-new-reco...
They should move to Uraguay.
Since the crisis struck they've been moving to Mexico and are pretty happy there (I talked to a guy who knows a guy...)
all according to krugman's plan
The sane in Spain are mainly on the wane.
Neo-Keynesian maniacs insanely razing Spain.
debt = wealth
Spaniards are getting wealthier by the day.
Never quit and NEVER give up!
I'll die trying, before I give up! Bitchez!
Rome, 13 Dec. (AKI) - Italy's vast public debt reached a record level of 2.085321 trillion euros in October, from 2.068722 trillion the previous month, the central bank said on Friday.
The public debt stands at around 133 percent of national economic output (GDP), highest rate in the eurozone after Greece.
Tax revenues declined to by 1.5 billlion euros in January and October this year from the same period of 2012, the Bank of Italy said.
In other news, ratings agency Standard & Poor's confirmed Italy credit rating at BBB/A-2 with a negative outlook.
The assessment reflected Italy's ''rich and diversified economy'' and the ''risk of a fragile recovery'' owing to the country's huge debt pile, S&P said.
Can someone in the know please explain to me how Spain and Ita;y 10 year debt is yielding only 4% now, and who is buying it, when US 10-year is almost at 4%. That spread make no sense.
Donde' esta la casa de pay pay?