Re: Re: Heroic Spain is damned if it does, and damned if it does


@DBMarcos99 wrote:

Well spotted Chopera. Ambrose is well aware that certain parts of the Spanish economy are now performing well, and that he (and the Telegraph) need an excuse if things don’t go belly-up as predicted by them at the weekend. He’s still put in enough gloom to be blamed on the EU. In the mean-time what does this show the UK if a country bound to the single currency can outperform the pound-laden UK?

Spain is making heroic efforts to adjust. Officials are rightly proud that exports are flourishing, keeping pace with those of Germany. Shipments have risen 15pc to Africa and 13pc to Asia over the past year, as struggling firms scour the world for a lifeline.

For the first time in living memory, the country is clawing its way back to competitiveness without a devaluation. Total exports in January and February were up 5pc from a year before, a startling contrast to the 3.2pc fall in Britain, where the long-awaited fruit of devaluation never seems to arrive.

AEP has always been quite sympathetic towards Spain, he regards it as being the prime example of a country that has tried its hardest to do what has been asked of it by the EU, while at the same time the EU (or ECB to be precise) conducts a monetary policy designed to destroy Spain’s economy.