28 January 2012

SPAIN / PORTUGAL / EUROZONE: With Over 5 Million Unemployed, Madrid Wants Austerity Eased; Lisboa's Rates On The Rocks.


     Spain's conservative new PM Mariano Rajoy is finally saying 'no mas' to the eurozone's continued call for austerity...as Spain's unemployment rate surged again...to nearly 23%...meaning 5.3 million are without work.
     Rajoy is calling for greater 'realism' over the deficits...and more measures to spur growth.
     It didn't help that Fitch lowered Spain's sovereign debt rating...by 2 notches.
     But any pleas may fall on Merkel's cotton-stuffed ears.
     Meanwhile...Portugal's 10-year bonds are yielding 15.13%...with 2 year bonds at an atmospheric...17.12%! 
    Economist Kenneth Rogoff told the WSJ that certainly Portugal...and probably Ireland and Spain...are headed for a Greek like default and restructuring.