Spain gets the figures wrong!

[katy]

Mark I have seen you have queried spanish stats a few times in your blog. This report backs you up 😀

http://www.diariosur.es/rc/20100427/economia/desvela-tasa-paro-supero-201004270739.html

. Unemployment is much worse than thought. Twas a computer error 🙄 There are now 4 million 7 hundred thousand. (20.11%) Highest is the Canaries at 27.68 followed closely by Andalucía at 27.11. Youth unemployment is 50%. If you move to Spain with kids be prepared to keep them until they are in their 30’s 😆 )

Those property sales figures which showed a 100% (or more) increase will probably reveal they only sold 6 😉

Edited as I have now read the full article, the error was that the computer released the figures too early. I shall have to stop skimming headlines 😳 Maybe they wanted to massage them before the computer released them 😆

[logan]

Those figures are truly shocking. No wonder they wanted to cook the books. The article adds more weight to my assertion that Spain is covering up the true extent of their economic problems. My suspicion is they all hope the economy will turn before the have to come clean. A case of blind optimism, a triumph of hope over experience and a disaster waiting to happen.
They are all at it. The banks, Polaris World, and of course the politicos. “Things are starting to turn” ask any estate agent. 😀 Don’t make me laugh.
Have a look at these figures Eurostat have published for 2009 detailng the extent of public deficit in EMU, which since have increased. Spain is very close to Greek levels.
http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/2-22042010-BP/EN/2-22042010-BP-EN.PDF
Of course Eurostat relies on the quality of data each member state supplies. Now we know Spain’s along with Greece is highly suspect.

[Anonymous]

Spain does not get them wrong. They make them wrong.

[logan]

Breaking news:
Greek bonds reduced to junk status. Portugal reduce to negative status by S&P. Euro falling as investors flee to the Dollar. Spain will have to pay more for it’s debt.

[Anonymous]

I was just having a companionable drink in a bar called ‘La Peseta’, decorated on the walls with old thousand peseta notes. The general thrust of the conversation was that the owner should take ’em all down… and save them for a rainy day.

[logan]

Creditors to face a ‘haircut’ as default on debt repayments loom for some EMU states. Spanish banks exposed to Portuguese debt for some €80bn.
http://www.telegraph.co.uk/finance/economics/7640783/ECB-may-have-to-turn-to-nuclear-option-to-prevent-Southern-European-debt-collapse.html

[Anonymous]

I’m already salivating at the thought of getting those lovely Pesetas back again, something like 400 to the pound would do. I promise to travel up to North Quensferry to personally thank My Brown for keeping is out of the Euro. I’m not bothered so much about the Francs, they had a funny feel to them, but those Deutschmarks weren’t bad either, especially that one with a picture of the giant on them.

[logan]

Spain’s sovereign debt reduced to neutral with negative outlook by S&P. Yields increased to over 2% above German Bund.
Contagion is a creeping reality unless Germany & IMF comes up with massive aid plan soon.
Welcome to the new age of austerity. It’s going to get very tough folks. 🙁

[Author]

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