"Forget about Spain," says Lombard Street Research

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    ” Dominic Bryant, an economist with BNP Paribas said the prospects for growth would look even more grim when investment in construction, which was flat in the latest GDP data, starts an inevitable fall of 25 or 30 percent.
    “You can only imagine things getting worse because the housing correction has only just begun,” he said.
    The bursting property bubble has spread quickly to the rest of the economy.
    On Thursday came news that the services sector contracted last month at the sharpest pace in nearly nine years of Purchasing Managers’ Index surveys.”

    Seems the the situation is getting worse by the minute…

    http://www.guardian.co.uk/feedarticle?id=7433456

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