Time for the Serious Persons to take a victory lap for a job well done:
Back to Spain now where the finance ministry says that growth will not return until 2014 when public debt will peak.Luis de Guindos says there will be no jobs growth until 2014 and that the government will increase "taxes on consumption" next year to raise an extra €8bn.
You wonder what else there is to come from Spain on a day when it woke up to a downgrade, saw unemployment increase to nearly 25%, retail sales crash for the 21st month running and borrowing costs increase.
Just remember: Somebody, somewhere, is making a lot of money off this. Otherwise, it wouldn't be happening.
---Vitelius
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