Spanish Property Insight › Forums › Spanish Property Forums › Real Estate Topics, News & Discussion › Spain and UK seem to be competing for biggest fall in ’09 › Re: Spain already worse
Spain, Portugal and Greece have already had their credit status downgraded and Ireland is now on credit watch.
The eurozone has been kidding itself that the UK’s problems were far worse than their own. The European Central Bank has been far too slow to act and far behind with its interest rate cut which should now be at
0.5 or even 0.25%. With unemployment is Spain forecast to hit 10% or more they arte in a far worse position than the UK. The fact that their finance Minister continues to think everything is rosy is just adding to their problems.
The UK may be in for a deep and longer recession than the Government forecast, but it will be out of recession faster than most of the eurozone.