by Ambrose Evans-Pritchard, The Telegraph:
Spanish Finance Minister Luis de Guindos assures us that his country has beaten the crisis and will soon be recovering nicely. “The recession is already behind us,” he said.
I wish him the best, but this is what loan growth looks like in Spain (courtesy of Miguel Navascues at Ilusion Monetaria):
The IMF has downgraded its economic growth forecast for Spain to minus 1.6pc this year, and zero next year. The depression grinds on, and on, and on.
I nothing further to say other than to note that property prices fell 7.8pc in the second quarter from a year earlier, and are now back to 2004 levels (nominal, minus 30pc real).
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