Daily Commentary: Spain

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.

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