Spain runs out of money – Telegraph Blogs

Spain is quite simply in the wrong currency. That is the root of the crisis. Loan packages merely drag out the agony.

A Spanish economist sent me an email over the weekend after the Bankia details came out saying:

“It looks like game over for the sovereign and the financial sector at the same time. Unless we get a Deus ex Machina, we’ll be discussing much more seriously the benefits of a return to the peseta in no time.”

It begins.

via Spain runs out of money – Telegraph Blogs.

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