There will be more defaults in the eurozone

In last week's weekly newsletter, I explained why Spain was in big trouble. Today I want to present the full context euro zone-wide and why there will be more sovereign defaults to come in the euro zone.

Summarising Spain

First, the short story on Spain is that Spain had a speculative boom due to low interest rates in the euro zone and the inflow of capital from other euro zone countries associated with those rates. This boom came to an end with the Great Financial Crisis leaving an ov...

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