Spanish Q4 GDP Declines At Fastest Pace Since 2009
Submitted by Tyler Durden on 01/23/2013 08:31 -0500
With the most recent Spanish data in retail sales, house prices, manufacturing, deficitand bad loans all confirming depression-level activity, or lack thereof, there was just two major metrics still missing: GDP and employment. Today we got Q4 GDP from theBDE, which declined 1.7% Y/Y, and 0.6% from Q3. This was the worst year over year deterioration in the overall economy since Q4 2009 when the country was reeling from the Lehman bankruptcy global aftershock. We just need to get the unemployment number, which will be well north of 26%, for the picture of how the country with the ECB-backstopped and thus soaring bond curve is truly doing.
and consider this ..... how long can this credit remain at this level - even with the Draghi promise of bailout nirvana if only spain agrees to become a debt slave like Greece ?