Dr. Doom has handed down his verdict on Spain’s immediate financial future – and it’s not pretty, according to a report in the aicio.com. Nouriel Roubini, known to readers as Dr Doom, thinks Spain's recession is likely to continue, despite the European Commission’s protests that the country does not need a bail-out or outside help to recapitalize its banks.
"Spain's industrial production is free falling and the draconian fiscal austerity will make its recession much worse," says the outspoken and notoriously gloomy Nouriel Roubini, Chairman of Roubini Global Economics, on his Twitter page.
Roubini's comments come as Spain has revealed an austerity budget to ward off the threat of the Eurozone crisis. Meanwhile, the rate demanded by investors to lend to Madrid has increased to a 6% level before backing down to 5.9%. The European Commission has asked for a "full picture" of Spain's budget consolidation plan. According to the Commission, it is unable to offer any recommendation regarding the economy without information on regional budgets. It is requesting the additional information by the end of April...
Read all about it at http://www.ai-cio.com/channel/NEWSMAKERS/Roubini__Spain_Is_Free-Falling,_No_End_in_Sight.html
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