Friday, November 11, 2011

Spain's Economy Stalls; Bad GDP Numbers

An amazing week, started wit Greece, shifted to Italy by the middle, and it moves to both France and Spain today. Unbelievable, and not good.

Bloomberg reports today that Spain’s economy stalled in Q3, with its Gross domestic product unchanged from Q2, when it expanded 0.2 percent.

From a year earlier, the economy expanded a measly 0.8%.
"The slowdown threatens Spain’s budget-deficit goals, the European Commission said yesterday, meaning the government that emerges from the Nov. 20 general election may have to accelerate spending cuts to prevent the nation becoming the next victim of the debt crisis. The People’s Party, which polls show will win, has pledged to regain Spain’s AAA rating and tame borrowing costs without raising taxes or cutting pensions".

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