Spanish economy is going down the drain

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This topic contains 43 replies, has 10 voices, and was last updated by Profile photo of Anonymous Anonymous 8 years, 7 months ago.

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  • #53865
    Profile photo of Anonymous
    Anonymous
    Participant

    Are Spanish people prepared for what is about to to come? I am sure that UK will survive with some scars. I am not sure though if Spain will come out without massive pain…

    On the other hand, Euro itself might not survive the economic recession or at least not in the present form…

    http://business.timesonline.co.uk/tol/business/economics/article3745741.ece

  • #81259
    Profile photo of Anonymous
    Anonymous
    Participant

    You have this habit of taking a link and building a negative picture of Spain and it’s economy. However, a reply to the actual article you link to states

    Interesting idea; 1.7% – 1.9% GROWTH sensationalised as a recession and pre-cursor to the ‘doomed’ Euro! (yawn). As a resident in the Eurozone, it’s not the Euro I worry about!

    and another……

    If Spain is spending ist’s budget surplus to get out of trouble, they cannot be in as much trouble as we in the UK are, because we have NO surplus to spend, or tax rebates to send out. We only have a government committed to taxing everyone more, including the lowest income earners and spending it all on more half baked ministerial initiatives

    Now that makes more interesting and factual reading!

    Interesting to follow the links from that Times page to the truths about the UK economy that give a balance to the situation like………

    Halifax raises mortgage rates by 0.5%

    House prices fall by 1.6 per cent in February

    Tories blame Brown for house price ‘bust’

    Emergency meeting to find way out of mortgage crisis

    Seems popular opinion and the Times think the UK economy has a lot more problems ahead of it than even that of Spain.

  • #81378
    Profile photo of Anonymous
    Anonymous
    Participant

    You have this habit of taking a link and building a negative picture of Spain and it’s economy. However, a reply to the actual article you link to states

    Interesting idea; 1.7% – 1.9% GROWTH sensationalised as a recession and pre-cursor to the ‘doomed’ Euro! (yawn). As a resident in the Eurozone, it’s not the Euro I worry about!

    and another……

    If Spain is spending ist’s budget surplus to get out of trouble, they cannot be in as much trouble as we in the UK are, because we have NO surplus to spend, or tax rebates to send out. We only have a government committed to taxing everyone more, including the lowest income earners and spending it all on more half baked ministerial initiatives

    Now that makes more interesting and factual reading!

    Interesting to follow the links from that Times page to the truths about the UK economy that give a balance to the situation like………

    Halifax raises mortgage rates by 0.5%

    House prices fall by 1.6 per cent in February

    Tories blame Brown for house price ‘bust’

    Emergency meeting to find way out of mortgage crisis

    Seems popular opinion and the Times think the UK economy has a lot more problems ahead of it than even that of Spain.

  • #81261
    Profile photo of Anonymous
    Anonymous
    Participant

    “I am sure that UK will survive with some scars. I am not sure though if Spain will come out without massive pain… “
    In my opinion, this is a load of rubbish.
    Both Countries will survive with some scars and have suffered massive pain en route.

  • #81379
    Profile photo of Anonymous
    Anonymous
    Participant

    “I am sure that UK will survive with some scars. I am not sure though if Spain will come out without massive pain… “
    In my opinion, this is a load of rubbish.
    Both Countries will survive with some scars and have suffered massive pain en route.

  • #81266
    Profile photo of Anonymous
    Anonymous
    Participant
    mg wrote:
    “I am sure that UK will survive with some scars. I am not sure though if Spain will come out without massive pain… “
    In my opinion, this is a load of rubbish.
    Both Countries will survive with some scars and have suffered massive pain en route.

    If you believe Spain and UK have the same economic stability, your understanding is very poor and you might need to do further reading before commenting on forums.

  • #81381
    Profile photo of Anonymous
    Anonymous
    Participant
    mg wrote:
    “I am sure that UK will survive with some scars. I am not sure though if Spain will come out without massive pain… “
    In my opinion, this is a load of rubbish.
    Both Countries will survive with some scars and have suffered massive pain en route.

    If you believe Spain and UK have the same economic stability, your understanding is very poor and you might need to do further reading before commenting on forums.

  • #81268
    Profile photo of Anonymous
    Anonymous
    Participant

    The Spanish Government has vowed to prime the pump by spending its budget surplus on public works, such as high-speed rail. It has also confirmed plans for a €400 rebate to taxpayers from July, which it said would boost the fiscal stimulus. BBVA estimates that it could be worth about 1 per cent of GDP.

    At least the Spanish Government is lucky enough to have a surplus to spend in this slowdown, unlike Mr Brown who has spent everything and created a huge deficit, and intends to tax as much as he can, yet alone give a tax rebate to taxpayers. 🙄

  • #81382
    Profile photo of Anonymous
    Anonymous
    Participant

    The Spanish Government has vowed to prime the pump by spending its budget surplus on public works, such as high-speed rail. It has also confirmed plans for a €400 rebate to taxpayers from July, which it said would boost the fiscal stimulus. BBVA estimates that it could be worth about 1 per cent of GDP.

    At least the Spanish Government is lucky enough to have a surplus to spend in this slowdown, unlike Mr Brown who has spent everything and created a huge deficit, and intends to tax as much as he can, yet alone give a tax rebate to taxpayers. 🙄

  • #81271
    Profile photo of Anonymous
    Anonymous
    Participant

    @ralita wrote:

    If you believe Spain and UK have the same economic stability, your understanding is very poor and you might need to do further reading before commenting on forums.

    You are probably correct – Spain and the UK do not have the same stability. I think it may in fact be you that needs to read the article you have linked to again and the responses to it from people who seem to have more understanding of economics than you.

    As the article and responses points out, Spain actually has some reserves and budget surplus from which to try and help spend it’s way out of (at least some) of the problems!

  • #81384
    Profile photo of Anonymous
    Anonymous
    Participant

    @ralita wrote:

    If you believe Spain and UK have the same economic stability, your understanding is very poor and you might need to do further reading before commenting on forums.

    You are probably correct – Spain and the UK do not have the same stability. I think it may in fact be you that needs to read the article you have linked to again and the responses to it from people who seem to have more understanding of economics than you.

    As the article and responses points out, Spain actually has some reserves and budget surplus from which to try and help spend it’s way out of (at least some) of the problems!

  • #81273
    Profile photo of Anonymous
    Anonymous
    Participant

    If you consider my “understanding is very poor”, no problem, you are entitled to your opinion.
    If you think UK will come through it without firts experiencing “massive pain”, your “understanding is very poor”.
    Try telling many thousands of property owners there is no pain.
    Try telling the Board of Ethel Austin there is no pain.
    Try telling the 185 employees at 3M who will be without jobs, that there is no pain.
    Try telling Avon inflatables employees in Wales there is no pain, when the company has announced closure.
    Try telling the employees of the Northern based hauliers who are closing, that there is no pain.
    You will get fed up if I go on, so just keep upto date with the business news.

  • #81385
    Profile photo of Anonymous
    Anonymous
    Participant

    If you consider my “understanding is very poor”, no problem, you are entitled to your opinion.
    If you think UK will come through it without firts experiencing “massive pain”, your “understanding is very poor”.
    Try telling many thousands of property owners there is no pain.
    Try telling the Board of Ethel Austin there is no pain.
    Try telling the 185 employees at 3M who will be without jobs, that there is no pain.
    Try telling Avon inflatables employees in Wales there is no pain, when the company has announced closure.
    Try telling the employees of the Northern based hauliers who are closing, that there is no pain.
    You will get fed up if I go on, so just keep upto date with the business news.

  • #81277
    Profile photo of Anonymous
    Anonymous
    Participant
    mg wrote:
    If you consider my “understanding is very poor”, no problem, you are entitled to your opinion.
    If you think UK will come through it without firts experiencing “massive pain”, your “understanding is very poor”.

    You have some good points but you miss the overall picture.

    UK will have massive pains but most of the people will be able to go on with their lives. Some will lose everything and a lot will have to have a more modest life. But this is normal.

    Spain will be instead devastated by the economic crisis. they will consume their extra money in no time and then will go into high deficits. The Spanish industry was based mostly on construction and nobody will buy the overpriced and bad quality apartments/houses for a long time.

    We’ll talk again in 1 year about this subject, I can guarantee you that UK will be in a much better situation than Spain by then.

  • #81387
    Profile photo of Anonymous
    Anonymous
    Participant
    mg wrote:
    If you consider my “understanding is very poor”, no problem, you are entitled to your opinion.
    If you think UK will come through it without firts experiencing “massive pain”, your “understanding is very poor”.

    You have some good points but you miss the overall picture.

    UK will have massive pains but most of the people will be able to go on with their lives. Some will lose everything and a lot will have to have a more modest life. But this is normal.

    Spain will be instead devastated by the economic crisis. they will consume their extra money in no time and then will go into high deficits. The Spanish industry was based mostly on construction and nobody will buy the overpriced and bad quality apartments/houses for a long time.

    We’ll talk again in 1 year about this subject, I can guarantee you that UK will be in a much better situation than Spain by then.

  • #81279
    Profile photo of Anonymous
    Anonymous
    Participant
    rob-fuengirola wrote:
    again and the responses to it from people who seem to have more understanding of economics than you.

    What about this comment Mr. Rob

    “Sadly, it was British and Irish property investors who spread the speculative disease to Spain, without which it would have remained confined to the ‘Anglosphere’.”

    Dont’t you recognize yourself among the disease spreaders?

  • #81388
    Profile photo of Anonymous
    Anonymous
    Participant
    rob-fuengirola wrote:
    again and the responses to it from people who seem to have more understanding of economics than you.

    What about this comment Mr. Rob

    “Sadly, it was British and Irish property investors who spread the speculative disease to Spain, without which it would have remained confined to the ‘Anglosphere’.”

    Dont’t you recognize yourself among the disease spreaders?

  • #81283
    Profile photo of Anonymous
    Anonymous
    Participant

    “UK will have massive pains but most of the people will be able to go on with their lives. “
    That is exactly what Mr Brown is hoping people will spread.
    Some will believe it, the remainder will face facts and the truth.

  • #81390
    Profile photo of Anonymous
    Anonymous
    Participant

    “UK will have massive pains but most of the people will be able to go on with their lives. “
    That is exactly what Mr Brown is hoping people will spread.
    Some will believe it, the remainder will face facts and the truth.

  • #81285
    Profile photo of Anonymous
    Anonymous
    Participant

    Most of us have little choice but to go on with our lives. This isn’t the first recession I’ve been through, and, I’m sure, it won’t be the last 😉

  • #81391
    Profile photo of Anonymous
    Anonymous
    Participant

    Most of us have little choice but to go on with our lives. This isn’t the first recession I’ve been through, and, I’m sure, it won’t be the last 😉

  • #81287
    Profile photo of Anonymous
    Anonymous
    Participant
    mg wrote:
    “UK will have massive pains but most of the people will be able to go on with their lives. “
    That is exactly what Mr Brown is hoping people will spread.
    Some will believe it, the remainder will face facts and the truth.

    Facts and truth of what? They won’t be able to buy a new car for the next 3-4 years? They won’t be able to have 3 holidays/year for the next 3 years?
    They will wear their clothes for longer time and shop for food at Netto/Lidl instead of Marc and Spencer?

    Some Brits will just re-learn that life does not consist on purchasing stuff and shopping-therapies…

  • #81392
    Profile photo of Anonymous
    Anonymous
    Participant
    mg wrote:
    “UK will have massive pains but most of the people will be able to go on with their lives. “
    That is exactly what Mr Brown is hoping people will spread.
    Some will believe it, the remainder will face facts and the truth.

    Facts and truth of what? They won’t be able to buy a new car for the next 3-4 years? They won’t be able to have 3 holidays/year for the next 3 years?
    They will wear their clothes for longer time and shop for food at Netto/Lidl instead of Marc and Spencer?

    Some Brits will just re-learn that life does not consist on purchasing stuff and shopping-therapies…

  • #81289
    Profile photo of Anonymous
    Anonymous
    Participant

    @ralita wrote:

    “Sadly, it was British and Irish property investors who spread the speculative disease to Spain”

    Good – you are starting to get to grips with the biggest problem that Spain has [on the costas]

    @ralita wrote:

    Dont’t you recognize yourself among the disease spreaders?

    NO I DON’T!! I have not been a speculator. I live here 24/7/365. I love the Spanish lifestyle. I own my property outright and am not worried about any downturn in property prices or any credit crunch. If the Spanish property market fell by 90% tomorrow, I would not give a damm. So what, my home would only be worth 100,000€ but what will not change is that it is a 420 metre villa on 1,500 metres with pool..etc, etc. I have a lifestyle and that will never change whatever the value of the house.

    You started this thread by posting a link to an article and your posting was the first I have seen you make with any value on this forum. You should be congratulated for finding such a well-written, well researched, informative and informed article. I actually thought you had got to grips with the fact that Spain has a better economy and lifestyle than the UK will ever have. But I was wrong. Problem was, you took the article and tried to turn it on its head. As I said before, I really do think you should read articles like this and learn from the message that they give.

    YOU POSTED THE LINK, but did you read and understand it? Let’s pick out a few of the points raised and the responses given by informed people.

    The Spanish Government has announced plans to spend €10 billion (£8 billion) a year in an economic stimulus package intended to soften the blow of a looming housing crisis.

    The Spanish Government has vowed to prime the pump by spending its budget surplus on public works, such as high-speed rail. It has also confirmed plans for a €400 rebate to taxpayers from July, which it said would boost the fiscal stimulus. BBVA estimates that it could be worth about 1 per cent of GDP.

    The Government also points out – and analysts mostly agree – that the country’s financial system is solid.

    Spanish banks are large, well capitalised and, because of close oversight by the country’s central bank, largely avoided stuffing themselves with bad-quality debt

    If Spain is spending ist’s budget surplus to get out of trouble, they cannot be in as much trouble as we in the UK are, because we have NO surplus to spend, or tax rebates to send out. We only have a government committed to taxing everyone more, including the lowest income earners and spending it all on more half baked ministerial initiatives

    Interesting idea; 1.7% – 1.9% GROWTH sensationalised as a recession and pre-cursor to the ‘doomed’ Euro! (yawn).

    Living here in Spain and being an employee in one of the big Spanish banks, I can assure that I have never heard on tv, press or seen any specific research that hints that Spain could be leaving the Euro. That’s gratuitous anti Euro campaign that may be interesting for those countries who are not in the Eurozone, but once you are in, let me remind you that there’s nothing to debate!

    It seems to me ralita that you have this habit of posting links to the forum with no understanding of their meaning. The above quotes are not mine; they are extracted from the link YOU POSTED. It is you that has given this forum a set of facts that state so clearly that Spain will be in a better position to get through the world recession than the UK!

    I do not know of any high street bank in the euro zone that has gone to the wall this year. I know only one bank that has been bailed out by £24bn of taxpayer’s money illegally (a state subsidy that constitutes unfair competition). Where was that? I think that was the UK and the UK taxpayer’s money. I suppose we can look at the corruption in the UK where £24bn of tax payers money has been poured into a “bank?” where a Guardian examination of Northern Rock’s books has found that £53bn of mortgages – over 70% of its mortgage portfolio – is not owned by the beleaguered bank, but by a separate offshore company.

    I really fail to see how you can post a link to an article that clearly states that the UK has more problems within it’s economy than Spain then try to justify it as a reason why Spain has problems!! This was your link that you clearly misinterpreted and then you dare to suggest that other people do not understand the clear statements of your posted link or that they learn to read before posting here?

  • #81393
    Profile photo of Anonymous
    Anonymous
    Participant

    @ralita wrote:

    “Sadly, it was British and Irish property investors who spread the speculative disease to Spain”

    Good – you are starting to get to grips with the biggest problem that Spain has [on the costas]

    @ralita wrote:

    Dont’t you recognize yourself among the disease spreaders?

    NO I DON’T!! I have not been a speculator. I live here 24/7/365. I love the Spanish lifestyle. I own my property outright and am not worried about any downturn in property prices or any credit crunch. If the Spanish property market fell by 90% tomorrow, I would not give a damm. So what, my home would only be worth 100,000€ but what will not change is that it is a 420 metre villa on 1,500 metres with pool..etc, etc. I have a lifestyle and that will never change whatever the value of the house.

    You started this thread by posting a link to an article and your posting was the first I have seen you make with any value on this forum. You should be congratulated for finding such a well-written, well researched, informative and informed article. I actually thought you had got to grips with the fact that Spain has a better economy and lifestyle than the UK will ever have. But I was wrong. Problem was, you took the article and tried to turn it on its head. As I said before, I really do think you should read articles like this and learn from the message that they give.

    YOU POSTED THE LINK, but did you read and understand it? Let’s pick out a few of the points raised and the responses given by informed people.

    The Spanish Government has announced plans to spend €10 billion (£8 billion) a year in an economic stimulus package intended to soften the blow of a looming housing crisis.

    The Spanish Government has vowed to prime the pump by spending its budget surplus on public works, such as high-speed rail. It has also confirmed plans for a €400 rebate to taxpayers from July, which it said would boost the fiscal stimulus. BBVA estimates that it could be worth about 1 per cent of GDP.

    The Government also points out – and analysts mostly agree – that the country’s financial system is solid.

    Spanish banks are large, well capitalised and, because of close oversight by the country’s central bank, largely avoided stuffing themselves with bad-quality debt

    If Spain is spending ist’s budget surplus to get out of trouble, they cannot be in as much trouble as we in the UK are, because we have NO surplus to spend, or tax rebates to send out. We only have a government committed to taxing everyone more, including the lowest income earners and spending it all on more half baked ministerial initiatives

    Interesting idea; 1.7% – 1.9% GROWTH sensationalised as a recession and pre-cursor to the ‘doomed’ Euro! (yawn).

    Living here in Spain and being an employee in one of the big Spanish banks, I can assure that I have never heard on tv, press or seen any specific research that hints that Spain could be leaving the Euro. That’s gratuitous anti Euro campaign that may be interesting for those countries who are not in the Eurozone, but once you are in, let me remind you that there’s nothing to debate!

    It seems to me ralita that you have this habit of posting links to the forum with no understanding of their meaning. The above quotes are not mine; they are extracted from the link YOU POSTED. It is you that has given this forum a set of facts that state so clearly that Spain will be in a better position to get through the world recession than the UK!

    I do not know of any high street bank in the euro zone that has gone to the wall this year. I know only one bank that has been bailed out by £24bn of taxpayer’s money illegally (a state subsidy that constitutes unfair competition). Where was that? I think that was the UK and the UK taxpayer’s money. I suppose we can look at the corruption in the UK where £24bn of tax payers money has been poured into a “bank?” where a Guardian examination of Northern Rock’s books has found that £53bn of mortgages – over 70% of its mortgage portfolio – is not owned by the beleaguered bank, but by a separate offshore company.

    I really fail to see how you can post a link to an article that clearly states that the UK has more problems within it’s economy than Spain then try to justify it as a reason why Spain has problems!! This was your link that you clearly misinterpreted and then you dare to suggest that other people do not understand the clear statements of your posted link or that they learn to read before posting here?

  • #81291
    Profile photo of Anonymous
    Anonymous
    Participant

    ralita, as a seperate issue, and as you seem to love posting personal insults for no good reason ………. can I suggest you get to grips with posting on the forum. Not sure why, but it seems to me that you do not understand the use of the tools to use quotes and somehow always manage to corrupt your posts. By that I do not mean the way that you post such rubbish, but the way you manage to somehow corrupt the html code that would display quoted comments correctly!

    Once you have managed that relatively simple matter, you could then go on to gain an understanding of world / EC / UK economics and market conditions and maybe make an informed post of some value.

  • #81394
    Profile photo of Anonymous
    Anonymous
    Participant

    ralita, as a seperate issue, and as you seem to love posting personal insults for no good reason ………. can I suggest you get to grips with posting on the forum. Not sure why, but it seems to me that you do not understand the use of the tools to use quotes and somehow always manage to corrupt your posts. By that I do not mean the way that you post such rubbish, but the way you manage to somehow corrupt the html code that would display quoted comments correctly!

    Once you have managed that relatively simple matter, you could then go on to gain an understanding of world / EC / UK economics and market conditions and maybe make an informed post of some value.

  • #81293
    Profile photo of Anonymous
    Anonymous
    Participant

    Typical spin.
    In UK it is re-learning
    In Spain it is “massive pain… “
    In UK people “will be able to go on with their lives”.
    Are we to consider that Spanish may become extinct?

  • #81395
    Profile photo of Anonymous
    Anonymous
    Participant

    Typical spin.
    In UK it is re-learning
    In Spain it is “massive pain… “
    In UK people “will be able to go on with their lives”.
    Are we to consider that Spanish may become extinct?

  • #81295
    Profile photo of Anonymous
    Anonymous
    Participant

    …and where, and what exactly is

    marc and spencer

    😉

  • #81396
    Profile photo of Anonymous
    Anonymous
    Participant

    …and where, and what exactly is

    marc and spencer

    😉

  • #81297
    Profile photo of Anonymous
    Anonymous
    Participant

    What makes some of the points mentioned even more ridiculous is the comment “I can guarantee you that UK will be in a much better situation than Spain by then.”. No longer an opinion and although Governments can’t or daren’t guarantee, a contributor can.
    I look forward to 12 months from now when the joke can be continued.

  • #81397
    Profile photo of Anonymous
    Anonymous
    Participant

    What makes some of the points mentioned even more ridiculous is the comment “I can guarantee you that UK will be in a much better situation than Spain by then.”. No longer an opinion and although Governments can’t or daren’t guarantee, a contributor can.
    I look forward to 12 months from now when the joke can be continued.

  • #81299
    Profile photo of Anonymous
    Anonymous
    Participant

    Rob, get therapy, please.

  • #81398
    Profile photo of Anonymous
    Anonymous
    Participant

    Rob, get therapy, please.

  • #81303
    Profile photo of Anonymous
    Anonymous
    Participant

    @ralita wrote:

    Rob, get therapy, please.

    After having taken the trouble to read your posted link and respond to you with facts as contained in that link that you promoted, that is the best you can come up with? Maybe you are still having problems getting to grips with what your linked article was really saying – sorry.

    @ralita wrote:

    shopping-therapies ……….. at Netto/Lidl instead of Marc and Spencer

    Is that the kind of therapy you had in mind? Rather go upmarket and visit El Corte Inglés. Rather leaves Netto, Lidl and Marc and Spencer [sic] in the second division [like the UK].

  • #81400
    Profile photo of Anonymous
    Anonymous
    Participant

    @ralita wrote:

    Rob, get therapy, please.

    After having taken the trouble to read your posted link and respond to you with facts as contained in that link that you promoted, that is the best you can come up with? Maybe you are still having problems getting to grips with what your linked article was really saying – sorry.

    @ralita wrote:

    shopping-therapies ……….. at Netto/Lidl instead of Marc and Spencer

    Is that the kind of therapy you had in mind? Rather go upmarket and visit El Corte Inglés. Rather leaves Netto, Lidl and Marc and Spencer [sic] in the second division [like the UK].

  • #81307
    Profile photo of Anonymous
    Anonymous
    Participant
    rob-fuengirola wrote:
    Is that the kind of therapy you had in mind? Rather go upmarket and visit El Corte Inglés.

    Now you want to show us the big connoisseur that you are?

    If the money is tight, Carrefour is a much better choice than El Corte Inglés.

  • #81402
    Profile photo of Anonymous
    Anonymous
    Participant
    rob-fuengirola wrote:
    Is that the kind of therapy you had in mind? Rather go upmarket and visit El Corte Inglés.

    Now you want to show us the big connoisseur that you are?

    If the money is tight, Carrefour is a much better choice than El Corte Inglés.

  • #81438
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    ralita, whether you agree or not with rob-fuengirolas points there is little need to insult him. His points were cogent and backed up with source. As a debate should be.

  • #81486
    Profile photo of Anonymous
    Anonymous
    Participant

    Figures and opinion from this Sunday’s Economic Outlook by David Smith their economic expert :-

    Quote:
    IMF forecast 1.6 growth for UK for this year and next
    This is stronger than their forecasts for Germany, France, Italy, Japan and of course America ].quote]

    At present the European Bank has been shielding many Eurozone banks
    by accepting their devalued securities. ( A course of action that the Bank of England is now being urged to follow)

    When the full extent of the losses suffered by the Spanish, German and French banks is revealed the S*** really will hit the fan, and as stated in the article that started this thread there may well be calls for countries to leave the Euro.
    Spain whose economy over relies heavily on its construction economy may well be the first to consider this.

    I know a number German business men who are suffering from the strength of the Euro against the pound and would dearly love for Germany to leave the constraints of the Euro.

    Only time will see how this plays out

  • #81492
    Profile photo of katy
    katy
    Spectator

    I did read that Italy is not doing well too. Said wages are now lower than Greece.

  • #81496
    Profile photo of Anonymous
    Anonymous
    Participant
    Michael521 wrote:
    there may well be calls for countries to leave the Euro.
    Spain whose economy over relies heavily on its construction economy may well be the first to consider this.

    Does anybody know what would be the procedure for a country to leave the Euro?

    The Pound gained 2% versus Euro since yesterday. It is not much but the fall might stop or reverse…

  • #81532
    Profile photo of Anonymous
    Anonymous
    Participant

    Katy: I believe this to be the case. I have a friend who is an Engineer in a cheese factory ( Not mozzarella ) He has been working there for over twenty years. Last week he told me that his factory is working four days a week, first time in his life.

    I feel its to simplistic to simply blame the €.

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