From BusinessInsider: The week has begun, as Wall Street
starts to crank out its takes on the Spanish bailout.
First up, a take from Goldman's Andrew Benito who sees says:
"We view this as a positive near-term development for Spain, and in
particular for its banks. But it does not solve Spain's overall fiscal and
macroeconomic challenges, which remain substantial."
The problem? Major core structural problems with the Spanish
economy: Not Enough, By Itself
Will this step be sufficient to forestall a broader
programme for Spain with additional conditionality? By itself: No. Instead, in
our view it needs to be accompanied by a fiscal plan specifying fiscal measures
that will set Spanish debt on a sustainable path in the medium-term. This is
still less of a Euro area-wide solution, but continues in the spirit of a
country-by-country approach….
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