Courtesy of Mish.
Today’s non-news that has the currency markets in a flux with a rising dollar and a sinking euro is a revelation by ECB president Mario Draghi that Eurozone Growth Risks are on the “Downside”.
Really? Downside?
Yes, really. It would have been shocking to hear otherwise in spite of all the happy fluff talk that the “worst is behind”.
Before Draghi spoke I wrote about Illusions of Stabilization, with a spotlight on France and Germany. Please check it out.
Let’s now dig deeper into the non-nascent recovery in Spain.
Spain’s Public Debt Doubles to €1 Trillion Since 2007; Debt-to-GDP Ratio Hits 96.2%
According to El Confidencial, Spain’s public debt crossed the €1 Trillion marker for the first time.
Public debt is now $1,015 trillion euros and growing at a rate of €100 billion euros a year. Public debt stood was €503.906 billion in 2007.
Recall that the eurozone Stability and Growth Pact places a limit on government deficit at (3% of GDP) and debt (60% of GDP).
Spain’s Unemployment Rate
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