Friday, July 29, 2011

The news from Spain is not very good

Moody is threatening to downgrade Spain. Apparently, the latest Greek bail-out rescue package has done nothing to stop the eurozone problems. One can't help wondering whether anybody at all is surprised by that.

Meanwhile, Prime Minister Zapatero has dissolved Parliament and has called an election for November 20, about six months before it was due. The right-wing People's Party (Partido Popular) who won a resounding victory in May's local elections is hopeful that they will be forming the next Spanish government (though why anyone should wish for that particular poisoned chalice is a mystery). Various politicians in that party maintain that they will manage to pass the necessary reforms to sort out Spain's economy this time round.

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