Next year is going to be very rough in Spain. The end of long term benefits will not only affect those who are receiving them, but also those have now been unemployed for a year. They will be wondering what the heck they are going to do. On top of this, we have the austerity measures, causing tax increases and reductions in services. We also have banks and the sovereign needing to roll over debts, which is likely to cause more turmoil and probably a bailout resulting in yet more austerity, a la Ireland. Who knows what the autonomous regions will be doing for money.
And not forgetting tax rises on property purchases.
I’m beginning to feel like a broken record and dont particularly like harping on about all this doom and gloom stuff, but I think the reality of what’s about to happen in Spain will make Ireland look like a teddy bears picnic.
And no, Im not just trying to talk down the market 🙂