Spot The "Recovering" European Periphery

Tyler Durden's picture

With Italian and Spanish bond yields at record lows (and spreads - risk premia - near record lows) one can only ascertain that Europe is fixed, Draghi has no need to do QE, and everything in the world is fine again. Except it's not... Draghi is cornered from QE by a lack of uncommitted collateral and a banking system glued at the hip to the sovereign bond markets. But perhaps, for those who are buying Italian and Spanish bonds, it is not enough to see record high unemployment, record loan delinquencies, and record low credit creation... In order to help further with the BTFD, we offer the following chart - showing Spanish and Italian home prices continue to slump (along with Cyprus).



As Bloomberg Brief's Niraj Shah notes, annual euro-area house prices dropped 1.4 percent in the final quarter of 2013, as values fell in the four largest economies. Prices dropped in half of the 14 countries reporting data. Eurostat used unofficial ECB figures for germany. Cyprus and Spain registered the largest declines with minus 9.4 percent and minus 6.3 percent, respectively. Estonia and Ireland made the biggest gains.


But, the recovery is here any minute...

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kaiserhoff's picture

Where did Tyler get the glide slope from flight 370?

q99x2's picture

Thought Draghi and Goldman Sachs had killed most of them by now. They need to go back to college.

starman's picture

I got family in Europe its a fucking mess! Many places are missing business since 08 up to 30%! With 0 recovery in site! 

kaiserhoff's picture

Kind of suspected that.  It's not like they've dealt with the problems.

Any specific locations or industries?

Schmuck Raker's picture

Estonia... where all the Ukrainians are moving, to escape the Russian invasion.

ribbons's picture

Lots of ukrainian prostitutes on the spanish roads but prices keep falling  there

NOTaREALmerican's picture

Time to buy now,   how much worse can it get?

free_lunch's picture
Businessman, Dick Smith, talks about the myth of growth:
AdvancingTime's picture

If things get rough across the globe expect eyes return to Europe, where they continue to talk. I have not written much about the Euro-zone as of late because nothing is really happening. The Euro-zone is engaged in a talkathon, with fear of an immediate collapse off the table the members of the Euro-zone much like their political counterparts in America just talk about solutions without any action. Below is an article updating what is not happening in Europe.

conork's picture

In fairness Ireland is doing OK. They've been cutting government spending every year since 08 and continue to do so. 

Still no utopia though