On the need for Spain to formally apply for an OMT-style bailout

Spanish Prime Minister Mariano Rajoy's economic policy is in tatters. Spain's economic descent is now accelerating, with output shrinking 0.7% in just the last quarter alone - the worst since crisis began in 2009. For the full year, output has fallen 1.8%, retail sales have plunged a remarkable 10.7%, and vehicle ales have fallen 17%. This is diastrous. This is Greek-style debt deflation.
The Spanish cannot say they weren't forewarned. Those who understand how an economy in a credit crisis work...


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