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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Spanish P.M. forced to defend nation's solvency

El Presidente del Gobierno de España, Dº José ...

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Spain's prime minister, Jose Luis Rodriguez Zapatero (pictured), has now been forced to defend his nation's solvency, as worries persist that Greece's sovereign debt crisis is headed next toward Spain.

Zapatero called it "complete madness" that Spain might require a Greece-like European bailout, despite Spain's depressed economy.

"We have strong solvency," Zapatero said. "We can't spend the whole day speculating" about potential insolvency.

Oh, yes we can. And should. Standard & Poor's downgraded Spain's debt last week and worries persist that Moody's will do the same soon.

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By Frank Ahrens  |  May 4, 2010; 1:05 PM ET
Categories:  Deficit/debt , The Ticker  | Tags: Government, Greece, History, Jose Luis Rodriguez Zapatero, José Luis Rodríguez Zapatero, Moody, Prime minister, Spain, Travel and Tourism, Twitter, european debt crisis, greece debt, greek debt  
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Comments

maybe it's time to send illegals home...
that spain can't afford them...
that in spain as in all latin countries, you work you eat...
if you don't...
you starve...

Posted by: DwightCollins | May 4, 2010 4:20 PM | Report abuse

A few months ago someone said we had avoided the next great depression. With what Europe, Tennessee and the Gulf of Mexico look like right now I would say that too loud. 300,000 teachers won't agree with that statement, either, come next autumn.

Posted by: BigTrees | May 4, 2010 4:58 PM | Report abuse

BigTrees is correct.

Those who laud the Fed for "preventing" a repeat of the Great Depression are perhaps a tad bit premature.

It took us 20+ years of financial insanity to get to September 2008. There are a lot more shoes to drop before (if ever) we return to economic health.

Posted by: pmendez | May 4, 2010 5:09 PM | Report abuse

First. Latin from Latin or from SouthAmerica? Yes. We know you are so uncultured to know where Spain is. Of course, Latin from Latin we are. One of the more advanced civilitations living while norterhmen was living like beasts. Second. 54% debt on total GDP in 2009. Look for any other country with similar figures talking about $1,1 trillion dollars. No more.

Posted by: Vercinget333 | May 4, 2010 5:58 PM | Report abuse

First. Latin from Latin or from SouthAmerica? Yes. We know you are so uncultured to unknow where Spain is. Of course, Latin from Latin we are. One of the more advanced civilitations living while norterhmen was no more than beasts. Second. 54% debt on total GDP in 2009. Look for any other country with similar figures talking about $1,1 trillion dollars. No more.

Posted by: Vercinget333 | May 4, 2010 6:00 PM | Report abuse

Spain suffered through a bloody Civil War in the Thirties, then practically a famine during WWII. Then 35 years of dictatorship under Franco. The Spanish are a lot tougher than you think. This is a piece of cake for them. They are used to tightening their belts.

Posted by: lafayette89 | May 4, 2010 8:57 PM | Report abuse

That looks bad. It could look worse. I need to go speculate on some rocks. You guys have fun today speculating on whatever.

Posted by: tossnokia | May 5, 2010 10:13 AM | Report abuse

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