Jul 01

- Spain Celebrates The “End Of The Recession” With 54% Youth Unemployment, Highest Since January (ZeroHedge, July 1, 2014):

When we were greeted by the latest batch of optimistic Spanish data this morning, such as the following:

we thought, we would see some actual “end of recession” signals when it came to the underlying economy, like for example: jobs actually being created. Alas no. According to the just released European employment data for May, total Spain unemployment remained unchanged in May at 25.1%, while youth unemployment has actually risen to 54.0% – the highest since January!

Continue reading »

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Jun 27

spain_flag_burning

NIRP Strikes: Spain To Create Tax On Bank Deposits (ZeroHedge, June 26, 2014):

It was a little over a year ago, just as the Cyprus deposit confiscation aka “bail in” was taking place, when we asked, rhetorically, if “Spain is preparing for its own deposit levy” when an announcement by Spain’s Finance Minister, Montoro, hinted at the imminent arrival of just that.

Specifically we said: Continue reading »

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Jun 19

- Protests banned as 120 snipers line up to protect Spanish crown (Digital Journal, June 19, 2014):

Madrid – As Prince Felipe gets ready to be crowned the new King of Spain, two demonstrations and two concentrations planned for Thursday have been banned, thousands of extra police officers brought in and 120 snipers prepped to protect the ceremonial event.
It seems Spanish authorities are a tad nervous of demonstrations against the monarchy Thursday, when the new King Felipe VI is set to be crowned. Continue reading »

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May 30

500% Rise in Spain’s Long-Term Unemployment (ZeroHedge, May 30, 2014):

With yields at record lows and stocks soaring, is it any wonder that the politicians of Europe’s periphery are proclaiming victory over the crisis (and yet oddly imploring Draghi to do moar?). Perhaps, just perhaps, they are keeping one eye on the ‘real’ economic progress that is being made (or un-made) in their nations… such as Spain, where there are now 1.26 million people who have been jobless since 2010 and the long-term unemployment rate has risen by more than 500% since 2007.

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Apr 23

- Define Austerity: Spanish, Italian And Greek Debt/GDP Rise To Record Highs (ZeroHedge, April 23, 2014):

Ask any European why their standard of living is so atrocious (after years of freeflowing debt-funded largesse) and the answer is well-known: austerity.

Also ask any European if austerity means public debt should go up or down and the answer is also as clear: down.

Which is why most Europeans will likely be confused to very confused when presented with the latest Eurostat data according to which not only did Eurozone debt rose remain just shy of all time record highs and certainly increasing from a year ago, but those PIIGS nations which are the first to blame austerity for everything, such as Greece (net of the debt wiped out as part of its 2012 bankruptcy of course), Portugal, Spain and Italy, all saw their public debt hit all time highs.

Total Eurozone debt closed 2013 at a level of 92.6%, just shy of its all time high and up from 90.7% a year ago, 87.4% two years ago, and so on. Continue reading »

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Mar 23

Riot police confront protesters after disturbances broke out at the end of a demonstration which organisers have labelled the "Marches of Dignity" in Madrid

- Spanish ‘Anti-Austerity’ Protesters “Sick Of This System They Call Democracy” (ZeroHedge, March 23, 2014)

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Feb 15

20 Signs That The Global Economic Crisis Is Starting To Catch Fire

- 20 Signs That The Global Economic Crisis Is Starting To Catch Fire (Economic Collapse, Feb 14, 2014):

If you have been waiting for the “global economic crisis” to begin, just open up your eyes and look around.  I know that most Americans tend to ignore what happens in the rest of the world because they consider it to be “irrelevant” to their daily lives, but the truth is that the massive economic problems that are currently sweeping across Europe, Asia and South America are going to be affecting all of us here in the U.S. very soon.  Sadly, most of the big news organizations in this country seem to be more concerned about the fate of Justin Bieber’s wax statue in Times Square than about the horrible financial nightmare that is gripping emerging markets all over the planet.  After a brief period of relative calm, we are beginning to see signs of global financial instability that are unlike anything that we have witnessed since the financial crisis of 2008.  As you will see below, the problems are not just isolated to a few countries.  This is truly a global phenomenon.

Over the past few years, the Federal Reserve and other global central banks have inflated an unprecedented financial bubble with their reckless money printing.  Much of this “hot money” poured into emerging markets all over the world.  But now that the Federal Reserve has begun “tapering” quantitative easing, investors are taking this as a sign that the party is ending.  Money is being pulled out of emerging markets all over the globe at a staggering pace and this is creating a tremendous amount of financial instability.  In addition, the economic problems that have been steadily growing over the past few years in established economies throughout Europe and Asia just continue to escalate.

The following are 20 signs that the global economic crisis is starting to catch fire: Continue reading »

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Feb 12

- First US missile shield destroyer arrives in Europe (RT, Feb 11, 2014):

The first of four US Navy destroyers, the USS Donald Cook, set to be a cornerstone of NATO’s European missile defense shield has arrived at the Spanish naval port of Rota, its new home. Russia says the system is a direct threat to its security.

The USS Donald Cook will be joined by three more Arleigh Burke-class guided missile destroyers, which all are fitted with the Aegis weapon system. Over the next two years the USS Ross, USS Porter and USS Carney will all be based at Rota in southern Spain.

“For the first time, a ship of the United States Navy equipped with the Aegis ballistic missile-defense system is permanently based in Europe,” said Anders Fogh Rasmussen, NATO Secretary General. “The arrival of the USS Donald Cook marks a step forward for NATO, for European security, and for transatlantic cooperation.”

Continue reading »

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Feb 05

- WTF Chart Of The Day: Spanish “Recovery” Edition (ZeroHedge, Feb 5, 2014):

The following chart of Spain’s housing market really speaks for itself, and certainly conflicts with Rajoy’s promises that not only is the recession in the country over but it is recovering.

Spain housing

And for those unconvinced, here are some additional thoughts from SocGen:

Continue reading »

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Jan 31

- Spanish Soccer Players Refuse To Play Ball After Going Unpaid For Months (ZeroHedge, Jan 31, 2014)

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Jan 24

spain1

- Seven Shocking Statistics On Spain’s Surging Joblessness (ZeroHedge, Jan 24, 2014):

Spain’s unemployment rate hit 26% again this week. Despite Rajoy’s please for people to believe things are getting better, that the crisis is over (even as Draghi proclaims it otherwise and Axel Weber warns it is still festering), Spanish local ex-pat newspaper “The Local” has uncovered seven statistics that will help you understand just how serious the situation is. What is perhaps even more surreal is that in a year in which the economy supposedly grew, they depleted their pension reserve fund by 15%…

  • *SPAIN WITHDREW EU11.6B FROM PENSION RESERVE FUND IN 2013
  • Spain pension reserve fund ends 2013 With EU53.7 bln

So apart from that, here is how bad it really is in Spain… Continue reading »

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Jan 14

- Meanwhile in Spain… (Liberty Blitzkrieg, Jan 13, 2014):

Things have gotten a bit feisty in the Spanish city of Burgos, where violent protests have emerged in recent days over the decision to reduce the size of a road by half. It seems the protestors made a special point to vent their anger at a branch of Spanish bank Santander.

Don’t worry though, everything’s just fine. Nothing to see here serfs, move along. Recovery is proceeding as planned.


YouTube Added: Jan 12, 2014

Description:

Continue reading »

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Jan 09

European-Union

- If You Are Waiting For An “Economic Collapse”, Just Look At What Is Happening To Europe (Economic Collapse, Jan 8, 2014):

If you are anxiously awaiting the arrival of the “economic collapse”, just open up your eyes and look at what is happening in Europe.  The entire continent is a giant economic mess right now.  Unemployment and poverty levels are setting record highs, car sales are setting record lows, and there is an ocean of bad loans and red ink everywhere you look.  Over the past several years, most of the attention has been on the economic struggles of Greece, Spain and Portugal and without a doubt things continue to get even worse in those nations.  But in 2014 and 2015, Italy and France will start to take center stage.  France has the 5th largest economy on the planet, and Italy has the 9th largest economy on the planet, and at this point both of those economies are rapidly falling to pieces.  Expect both France and Italy to make major headlines throughout the rest of 2014.  I have always maintained that the next major wave of the economic collapse would begin in Europe, and that is exactly what is happening.

The following are just a few of the statistics that show that an “economic collapse” is happening in Europe right now:

Continue reading »

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Jan 08

- Spain Youth Unemployment Rises To Record 57.7%, Surpasses Greece (ZeroHedge, Jan 8, 2014):

There has been much speculation recently about some immaculately conceived Spanish economic recovery. And while it has certainly sent the local Ibex stock market soaring, we fail to see any indication of such a recovery, at least in official economic data. The latest example being, of course, today’s European unemployment for November, which at the Euroarea level remained flat at 12.1%, which also is the all time record high following a prior revision. However, what is more troubling is that according to the official European statistics keeper, Spanish unemployment in November was 26.7%: tied for the all time high seen in October and hardly an indicator of some imminent economic renaissance. There is, of course, always December – that month in the New Normal when hiring really picks up. Continue reading »

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Dec 07

- Ikea’s Spanish Servers Crash When 20,000 People Apply For 400 Jobs (ZeroHedge, Dec 7, 2013):

A few years back, we were stunned when we reported that as a result of McDonalds’ first hiring day in 2011, the company retained the services of 62,000 very qualified line cooks and other minimum wage workers. What was stunning is that one million Americans applied for these jobs, or a 6.2% success rate, or just a fraction above the 5.8% admission rate at Harvard. Alas, as we speculated at the time, this was merely the first of many such indications of the historic mismatch between labor supply and demand, both domestically and globally. Sure enough, today we find an even more glaring example of just how unprecedented the New Normal demand for labor is in a world drowning with unemployment, courtesy of an NPR report according to which on Monday, Spain’s Ikea’s started taking applications for 400 jobs at a new megastore set to be opened near the Mediterranean coast town of Valencia.

As NPR says, “The company wasn’t prepared for what came next. Within 48 hours, more than 20,000 people had applied online for those 400 jobs.” An “acceptance rate” of 2%.

Continue reading »

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Dec 02

- War on Democracy: Spain and Japan Move to Criminalize Protests (Liberty Blitzkrieg, Dec 2, 2013):

As might be expected as political and economic policy failures pile up and citizens become increasingly mad, the status quo is becoming increasingly authoritarian (recall blogger “Mish” was just fined 8,000 euros for a blog post).

In the latest disturbing news from a desperate power structure, the conservative government in Spain has passed an Orwellian bill titled the Citizens’ Security Law, which allows for fines of up to 600,000 euros ($816,000) for “unauthorized” street protests, and a 30,000 fine for merely having signs with “offensive” slogans against Spain or for wearing a mask.
Continue reading »

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Nov 29

- Europe’s Peak Youth Unemployment Gets Peak-er (ZeroHedge, Nov 29, 2013):

Despite a ratings ‘upgrade’ Spain’s youth unemployment rate has re-surged to a record 57.4% (just below that of Greece which still tops the scary chart list at 58%). Italy and Portugal also saw notable rises (despite the former’s record low short-dated bond yields) at 41.2% and 36.5% respectively. Ireland and France saw modest improvements but overall the Euro-zone’s youth unemployment just keeps rising. In spite of all the rhetoric from Merkel, Van Rompuy, and Barroso, 24.4% of Europe’s under-25 population is unemployed

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Nov 02

Related info:

- WTF? NSA Chief Says Phone Records Were Swept Up As Part Of A NATO Defence Program, Not NSA Spying

If the elitists really want to create a New World Order then the spy agencies have to work together in order to eventually become one big brother spy agency, ..

… but that is a conspiracy, right?

“We are on the verge of a global transformation. All we need is the right major crisis and the nations will accept the New World Order.”
- David Rockefeller

- Vice President Joe Biden: The ‘Affirmative Task’ Before Us Is To ‘Create A NEW WORLD ORDER’ (Video, April 5, 2013)

- BARACK OBAMA: BRITAIN AND US WILL FORGE NEW WORLD

- German Chancellor Angela Merkel Calls For NEW WORLD ORDER (ARD – Tagesthemen, June 4, 2011)

- President Obama’s New World Order: ‘We have to shape an international order that can meet the challenges of our generation’

- Mikhail Gorbachev: Uprisings Signal an Emerging ‘NEW WORLD ORDER’

- Pope Benedict XVI Calls for NEW FINANCIAL ORDER With ‘Real Teeth’

- Gordon Brown Praises New World Order (19 Feb 2010)


Edward Snowden papers unmask close technical cooperation and loose alliance between British, German, French, Spanish and Swedish spy agencies


In this photo illustration, the logos of intelligence agencies the NSA, BND, GCHQ, DGSE are displayed on folders. Photograph: Ulrich Baumgarten via Getty Images

- GCHQ and European spy agencies worked together on mass surveillance (Guardian, Nov 1, 2013):

The German, French, Spanish and Swedish intelligence services have all developed methods of mass surveillance of internet and phone traffic over the past five years in close partnership with Britain’s GCHQ eavesdropping agency.

The bulk monitoring is carried out through direct taps into fibre optic cables and the development of covert relationships with telecommunications companies. A loose but growing eavesdropping alliance has allowed intelligence agencies from one country to cultivate ties with corporations from another to facilitate the trawling of the web, according to GCHQ documents leaked by the former US intelligence contractor Edward Snowden.

The files also make clear that GCHQ played a leading role in advising its European counterparts how to work around national laws intended to restrict the surveillance power of intelligence agencies.

The German, French and Spanish governments have reacted angrily to reports based on National Security Agency (NSA) files leaked by Snowden since June, revealing the interception of communications by tens of millions of their citizens each month. US intelligence officials have insisted the mass monitoring was carried out by the security agencies in the countries involved and shared with the US.

The US director of national intelligence, James Clapper, suggested to Congress on Tuesday that European governments’ professed outrage at the reports was at least partly hypocritical. “Some of this reminds me of the classic movie Casablanca: ‘My God, there’s gambling going on here,’ ” he said.

Continue reading »

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Nov 01

- All-Time High Unemployment: The Economic Depression In Europe Just Keeps Getting Deeper (Economic Collapse, Oct 31, 2013):

The unemployment rate in the eurozone is higher than it has ever been before.  This week we learned that eurozone unemployment came in at an all-time high of 12.2 percent for September.  Back in January 2012, it was sitting at just 10.4 percent.  So anyone that believes that “things are getting better” in Europe is just being delusional.  In fact, the economic depression in Europe just keeps getting deeper.  The funny thing is that the mainstream media will barely call what is going on in Europe a “recession” even though the unemployment rates in both Spain and Greece are now much higher than anything that the United States ever experienced during the “Great Depression” of the 1930s.  There haven’t been as many headlines about the financial crisis in Europe lately because the ECB has been papering over the debt problems of the periphery (at least for the moment), but the economic conditions on the ground for average Europeans just continue to get even worse.  Later on in this article, you will read about a 25-year-old Spanish man with three college degrees that moved to London in a desperate search for a job who is now cleaning up poop for a living.  The economic collapse of Europe continues to march on, and there is no end in sight.

All you have to do is look at the latest unemployment numbers to realize that things are getting worse in Europe. Continue reading »

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Oct 13

“They have taken the bridge and the second hall. We have barred the gates but cannot hold them for long. The ground shakes, drums… drums in the deep. We cannot get out. A shadow lurks in the dark. We can not get out… they are coming.”
- Gandalf (reading)

- They’re Coming For Your Savings (Dollar Collapse, Oct 12, 2013):

Another of history’s many lessons is that governments under pressure become thieves. And today’s governments are under a lot of pressure.

Before we look at the coming wave of asset confiscations, let’s stroll through some notable episodes of the past, just to make the point that government theft of private wealth is actually pretty common. Continue reading »

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Sep 08

- Households On Foodstamps Rise To New Record High: More Americans Live In Poverty Than The Population Of Spain (ZeroHedge Sep 8, 2013)

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Sep 05

The worst is over???

This (total) collapse has really only just begun.


- Spain youth unemployment reaches record 56.1% (Guardian, Aug 30, 2013):

Number of young Spaniards belonging to ‘lost generation’ is up 2% since June, despite government claims that the worst is over

Youth unemployment in Spain has reached a new high of 56.1%, a quarter of the 3.5 million under-25s jobless across the eurozone, according to the latest Eurostat figures.

The number of young Spaniards belonging to what has become known as the lost generation is up 2% since June to 883,000. Only Greece has a higher percentage of young people out of work, at 62.9%.

Among adult males, Spain has the highest unemployment at 25.3%, higher even than Greece. Despite the government’s claims that the worst has passed and that employment reforms will encourage firms to hire, the figures suggest it will be a long time before any upturn in the economy is reflected in a declining jobless rate. With the holiday season coming to a close, the numbers are likely to rise as workers on seasonal contracts go back on the dole.

Continue reading »

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Jul 23

- H/t reader M.G.:

“Here is a link from the Guardian. Japan and Spain markets moving ahead. Nation leaders promising to keep growth in markets. The marriage of business and government was defined as pure fascism by Mussolini……appears the entire world is trying his model.

Not one word about Spain borrowing from SS.”


- France ‘returns to growth’ and Spain sees slump easing – eurozone crisis live (Guardian, July 23, 2013)

Related info:

- Insolvent Spain Forced To ‘Borrow’ From Social Security Fund To Pay Pensions

Welcome to the ‘recovery’:

- Worldwide Unemployment Crisis: 93 Million Unemployed Workers In G20 Nations

- Euro Area Government Debt Rises To New Record High

- 10 Reasons Why The Global Economy Is About To Experience Its Own Version Of “Sharknado”

- Meanwhile, In A European Galaxy Far, Far Away …

Mussolini quote:

“Fascism should rightly be called Corporatism, as it is the merger of corporate and government power.”
Benito Mussolini

 

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Jul 22

- Insolvent Spain Forced To “Borrow” From Social Security Fund To Pay Pensions (ZeroHedge, July 22, 2013):

Spain’s slow-motion implosion into an insolvent singularity has been one of the most amusing sideshows for over a year. The chief reason for this is the sheer schizophrenic and absurdist polarity between the sad reality, visible to everyone, and the unprecedented propaganda by the government desperate to paint a rosy picture. While on one hand the economic data shows very clearly the painfully obvious sad ending for this chapter of European integration, it continues to be punctuated almost daily by such amusing confidence games as Spain’s Economy Minister de Guindos telling anyone who cares to listen that the labor market is improving “beyond the seasonal pick up” and that Q2 GDP would be close to zero (because 0% GDP is the new killing it). That’s the good news.  The bad news is that as Reuters reports, and contrary to fairy tales of unicorns and soaring 0% GDP, Spain’s government is so insolvent, it was just forced to “borrow” from its social security reserve to fund pension payments.

From Reuters:

Spain tapped its social security reserve fund for the second time in a month on Monday, the Labour Ministry said, to help with extra summer pension payments as unemployment and retirement costs deplete government funds.

The government turned to the fund for 3.5 billion euros ($4.6 billion) on July 1 then for a further 1 billion euros on Monday. Spanish pensioners receive two cheques in summer and two over the Christmas holidays.

Continue reading »

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Jul 22

- Euro Area Government Debt Rises To New Record High (ZeroHedge, July 22, 2013):

While the European economy may be moving in a straight line from upper left to lower right, the same can not be said for the level of debt in Europe, which has taken on the inverse trajectory. As per the just released quarterly update of Euro area government debt, in Q1 2013, total government debt in Europe as a % of GDP just hit a new all time high of 92.2%. This compares to 90.6% in the previous quarter, and up from 88.2% in Q1 2012.

The proud Q1 debt-to-GDP outliers, where the local economies are expected to continue plunging and thus send the stock markets (if mostly that in the US) surging, are the following: Continue reading »

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Jul 14

- Latin American Countries Recall Ambassadors From Spain, France, Italy And Portugal Over Snowden “Neo-Colonial” Flap (ZeroHedge, July 13, 2013)

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Jul 13

How stupid can people get?


- American among the first gored in Spain’s bull run (USA Today, July 13, 2013)

 

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Jul 12

- Spanish Banks Petition To Convert Historical Losses Into Bank Capital (ZeroHedge, July 12, 2013):

In what has to be the most insane level of desperation, the Spanish banking system is lobbying to turn its deferred tax ‘assets’ into fungible capital to meet new stricter Basel III requirements. In other words, the Spanish banks believe that capitalizing historical losses provides a fungible ‘stash’ of capital against future losses… Following this morning’s round of incredulity from the Spaniards, we have no words…

Via Reuters,

Spanish banks are lobbying the government to turn more than two thirds of their 50 billion euros ($65 billion) in deferred tax assets into state-backed tax credits that would boost their capital but add to the state’s debt, three banking sources said.

The so-called deferred tax assets (DTAs) are created when a bank makes losses or writedowns that it can offset against future tax bills when it returns to profit.

Under stricter Basel III rules on capital, being phased in as of January 2014, most forms of DTAs will no longer be allowed to count towards capital, while tax credits will be.

Spanish banks are asking the government to convert between 15 billion and 30 billion euros of their DTAs into tax credits, the banking sources said.

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Jul 12

- Meanwhile, In A (European) Galaxy Far, Far Away… (ZeroHedge, July 10, 2013):

Submitted by Bill Blain of Mint Partners,

Another day of fraught wonderment ahead of us. What does it all mean? China economic data increasingly suggests there is a serious problem, (that’s still a few points below crisis – but recent experience suggests the politics of mobs can turn ugly with surprising speed!). On the other hand, yesterday’s US auctions went swimmingly well – so we can all relax about the taper? Er.. no. And while Spain gets a cheeky 15-yr bond issue completed (driven on the back of a large single order we strongly suspect), the Italians then get downgraded because of the weakening economy, deteriorating competitiveness and 1.9% negative growth outlook… “You can’t make this stuff up,” comments Chris, my head of Govvie Trading. Continue reading »

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Jun 14

- Spain’s Debt Surges To Record High At Accelerating Pace (ZeroHedge, June 14, 2013):

Somewhere deep down inside the European Union’s leaders must know how foolish they are with their constant proclamations that the worst of the crisis is over and that growth will return any moment now. For now, the realists in the market have to be content with hard data, and as AP reports, Spain’s central bank reports the troubled nation’s debt jumped to a record 88.2% of GDP in Q1 2013. The year-over-year rise is also the fastest on record – so no green shoot there as the bank notes it expects the debt burden to rise to 90.5% of GDP by the end of 2013 (but may revise that forecast – up). The raw numbers are awesome. Spain’s debt was EUR 922.8 billion at the end of March – up 19.1% from a year earlier and with unemployment at 27.2% and a fourth year of recession, the more-than-doubling of debt-to-GDP in the last five years suggests the ‘OMT call’ may be getting closer. The stagflationary slump in Europe (inflation rising faster than expected as growth lags) continues with nearly 20 million people out of work across the region.

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