75% Of Spaniards Don't Believe Rajoy's "Economic Recovery" Meme

Tyler Durden's picture

With unemployment stuck at record highs and loan delinquencies surging (as we discussed here, here and here), it is hardly surprising that El Economista reports that more than two-thirds of Spaniards do not believe the "recovery" promised by Prime Minister Rajoy has been created. While Cramer ignorantly confidently espoused this morning that Spain is recovering (and with Spanish stocks and bonds back near pre-crisis levels), a massive 75% of the Spanish people believe their personal situation will be the same or worse in 2014.



Via El Economista (Google Translate),

The Prime Minister, Mariano Rajoy, and closed over the 2013 promising that the new year would be the "economic recovery".... More than two thirds of the Spanish population momentum promised by the leader of the executive is not created.


This emerges from a survey released Wednesday by the newspaper El Mundo... a mere 17% trust the recovery next year and 8% estimated that recovery has actually happened in the latter part of 2013.


Curious that, in this study by Sigma Dos, to the Popular Party voters distrust the information provided by the Government. 47% of respondents who said they voted in the party believe that the dominant trend for next year is pessimistic and start putting the recovery in 2015.


For other years, the hunch of Spanish has gotten worse. If a year ago 30% of Spaniards saw in 2014 the year of recovery, now that number is down to 17% already cited.


With regard to the personal situation of respondents, only 20% believe their life from the economic point of view better. 75% believe it will do the same or worse.

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Musashi Miyamoto's picture

It will only get worse.

Manthong's picture

Oh, ustedes of little faith.

Dr. Engali's picture

"There is no hope"


Maybe they need to elect Obama.

Musashi Miyamoto's picture

If you like your hope you can keep your hope

pods's picture

It is not going to get better for a long time.  The bankers seem to have backstopped themselves and now we are facing a long and brutal economic winter.

At best (for the banks) we muddle along until a fresh group of debt creators come of age.

That was their plan all along. Save the banks and allow this charade to continue.

As for the common man, they will limp along while having their standard of living slowly ground down by non-existent inflation.

Welcome to the desert of the real.


Musashi Miyamoto's picture

desert for the common man dessert for the rich

Oldwood's picture

Does this mean they are smarter that the rest of Europeans?

Musashi Miyamoto's picture

"...only 20% believe their life from the economic point of view better. 75% bel..."


NotApplicable's picture

Google Translate, a.k.a. "pure comedy gold."

Better yet, it uses it's own poor translations to improve itself, so it just gets dumber every day.

Idiocracy, coming to soon to silicon near you!

W74's picture

Because too many Americans who think they know a foreign language are always looking for literal crossovers (because it's what we've been taught, that each word in English has a direct correspondant in every other language) rather than trying to learn a language based of the "Feeling" of the words and structures and letting it flow naturally.

DeliciousSteak's picture

Poor Spaniards. I hope their fortunes improve in the coming years and by 2020 this will be a painful yet distant memory.

The man with pointy horns's picture

Ain't 2020 the most unofficial yet pessimistic IMF projection?

czardas's picture

Things look bright indeed, especially since they have invested over 90% of their pensions fund in the ultra-safe land of sovereign debt.

Escapedgoat's picture

You 've got the figures  wrong, you meant to say Poor Spaniards, Fucked Greeks, Desperate Irish, Bewildered Italians, Dazed Portugese. I hope their fortunes improve in the coming years and by 3020 this will be a painful yet distant memory.

Colonel Klink's picture

No way Ramjob could be lying.  Honorable leaders of nations would NEVAH mislead their people!

I just don't believe it.

EDIT:  Do I really need the sarc tag?

Dr. Engali's picture

"75% believe it will be the same or worse"

That 75% will still look to the same people who caused the problem to solve their problems.

lizzy36's picture

Well Cramer is either getting back to even, or losin money slowly, can't figure out which.

But pretty sure Cramerica is now taped in Colorado.


NotApplicable's picture

Dunno, he seems more of a meth type to me. Either that, or he harshes his own mellow.

Greenskeeper_Carl's picture

They are "recovering" just like the US is "recovered". Stock markets going up, and home prices going up doesn't mean a whole lot to people who can't find a job, nor does it help a small business who is being taxed to death to pay for all the socialist programs they administer to all the people put out of work by their very govt. it is a self perpetuating cycle of decline that keeps feeding off itself. There will be no real recovery until all this shit comes completely unglued.

thewayitis's picture


  HURRY....Crank-up the printing press. Put it on HIGH speed. No time to lose.........



SeattleBruce's picture

Well, if Cramer said it...it must be true...

MeBizarro's picture

Or they should poll the record numbers of Spaniards under 30 who are leaving for Germany, UK, US, Australia, Canada, etc in record numbers.  Spanish gov't spent so much time and energy investing in upgrading their human capital and the caliber of their younger workforce only to see those exact people leaving in droves. Going to be a recipe for disaster if continues for another several years. 

The real issue in Spain is that it is the old vs young especially if you look at the percentage of payment transfers that are a part of the budget and economy, % pensions that account for local gov'ts, and the dependency ratios.  Those who are older and set in a full-time job are generally okay because dismissing someone in Spain who is a full-time worker is pretty difficult and contains a very expensive severance package. 

It is really the young who have no assets and can't count on much gov't support vs the old who can and the young have overwhelmingly lost despite massive and widespread protests. 

royal's picture

Not that I'm a big fan of foreign aid, but if it's gotta go somewhere, the US should be sending parasitic Israel's billions (which has 4% unemployment) to Spain instead...they need and deserve the help a LOT more...

all-priced-in's picture

They need more hockey stick charts - call the IMF they are the experts in hockey stick charting.