Monthly Archives: July 2012

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Spain Facing Downturn

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by Ac. Krtashivananda Unemployment in the eurozone hit 11.1% in May while the downturn in its manufacturing sector continued, according to official statistics. A total of 17.56m people are now out of work marking the highest level since records began in 1995, according to EU statistics body Eurostat. Meanwhile, the manufacturing Purchasing Managers’ Index (PMI), compiled by Markit, was stuck at 45.1 in June.¬†Any reading below 50 indicates contraction. The data compounds the gloomy outlook … Continue reading

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Spain, Debt and Sovereigninty

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By George Friedman¬† Eurozone countries on June 9 agreed to lend Spain up to 100 billion euros ($125 billion) to stabilize the Spanish banking system. Because the bailout dealt with Spain’s financial sector directly rather than involving the country’s sovereign debt, Madrid did not face the kind of demands for more onerous austerity measures in exchange for the loan that have led to political instability in countries such as Greece. There are two important aspects … Continue reading

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