The unions in Spain organised a general strike today on the 100th day of Partido Polpular Marioano Rajoy's day in office. Spain is in a depression with unemployment over 20%, youth unemployment over 50% and GDP expected to drop a further 2% this year alone. Spanish bond yields are rising and stock prices are falling on the back of this. Citigroup Chief Economist Willem Buiter has recently written a piece that outlines his view that Spain will need to seek a bailout at some point this year.
As this site is now reader-supported via Patreon, the remainder of this article is only available to subscribers at a specific patronage level. Articles at patronage levels BRONZE, SILVER, and GOLD are denoted by the categories in blue capital letters above the post. Posts categorized DAILY are available to both SILVER and GOLD patrons.
Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.