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When Spain sneezes...
As Spain's situation is more endemic than a straightforward over-extension of government fiscal capacity it makes a useful case study to understand the problems facing Europe more broadly.
This article outlines the situation in Spain, and addresses some of the following questions:
- Why hasn’t the announcement of the European Financial Stability Fund calmed markets more?
- How would a credit crisis in Spain flow offshore? Which countries are most exposed if a crisis were to emerge in Spain?
- Why is Spain highlighted as an area for concern when its government debt burden is not especially high in the context of other PIIGS countries?
- How will Spain try to rectify its current problems?
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