INTERPRET IT LIKE WANT BUT THE REALITY IS THAT THE CE. HE LEAVES US ALONE

 

Third touch of attention of three possible, (Full). The European Commission gives us this Wednesday a new one (and last) warning to Spain for the accumulation of economic imbalances, in spite of the efforts carried out after several shifts of cuttings, reformations, and mathematical lies. The play, as almost everything lately, it is not been he no longer deceives anybody because it is plagued of lights and shades. There won't be sanctions, at least until spring: Brussels values the carried out effort, and the worse first floor my point of view, it is that it presents to Spain like example inside the platoon of the rescued countries that is to say of those of the platoon of the fools, of which will go out shortly with almost total security, without specifying toward where the exit will be. 

  

At the same time, it verifies that the crisis goes for long and that the economy faces a slow digestion, plagued of risks, after a decade of indigestion with the real estate bubble and other excesses. But something has changed: not everything is admonishments. The Euro group (the meeting of minister of Economy of the euro) he will give tomorrow the Spanish bank rescue that has had the economic politics under strict had concluded it guides of the partners in the last year and half, this means that they allow us to rotate alone and it costs the question below it is if this is due to that we will break or just the opposite they leave so that the blow doesn't reach them.  

 

Madrid wanted a political victory and the circumstances are he favorable, to show off of her although the banking has left it for before, the same as to the rest of the economy, a long winter of dissatisfaction and of bewilderment. Even so, the Euro group stays a trick. He will give a very positive message on the exam of the Spanish rescue, but he will make the formal decision in this respect with posteriori to the closing of the program, in the first weeks of 2014, according to European sources. The partners want to see the last revision of the rescue. And to avoid surprises in other flanks, like in the public deficit. 

 

Brussels will verify this Wednesday, according to several sources that Spain presents some terrible numbers in five indicators of the 11 that it evaluates. The improvement of the commercial deficit allows a certain respiration and it seems the only thing recognizable. The report doesn't contain recommendations, but it describes a rosary of difficulties that they darken the exit of the crisis: Brussels puts the accent in the relative des adjusts at the high level of private debt (around 200% of the GDP), and he affirms that the one gives leverage (the reduction of that debt) it is not as quick as it was expected due to the recession and to the adjustment process. He underlines the quick growth of the public debt that he goes on the way to 100% of the GDP. (What means that the total debt is of 300% of the GDP),  And he notices that the correction of the sector housing is not still solved: and it seems that the prices will continue falling. The report, also, points out the dramatic social costs of the crisis that are translated in unemployment levels characteristic of a great depression. 

 

With all well digested the above-mentioned and looking forward I see Brussels very undoubtedly he tells us more or less. We have avoided you the crash of your economy pear that doesn't cause for cracked effect that of the whole area euro, but until here we have arrived you have the three systemic banks BBVA, Santander and Bankia saved by the hair, but this doesn't mean that you are as country with the redoed economy, but just the opposite, the dangers that he twists hopelessly they are more than not that he recovers, but starting from now if this happens the euro group we feel already free of loading with your disasters.