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Spain in crisis
 

Spain in crisis

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the real thing ;)

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    Spain in crisis Spain in crisis Presentation Transcript

    • The economic crisis in Spain Montserrat Torres. Current Affairs. Universität Konstanz.
      • Summary
      • Causes
      • Impact
      • Description
      • 9 reason why Spain is a Dead Economy Walking
      • Duration
      • Questions
    • Why has it come so far? There are two main causes : - The coincidence of a financial crisis caused by global fall U.S. stock market - The collapse of the building business
    • Economic crisis or accumulation of other little crisis? To the economic crisis we should add: - Credit or financial crisis - Mortgage Crisis - Crisis of confidence in markets - Global Food Crisis
    • Greece vs Spain
      • The economy of Spain is more than four times the size of the economy of Greece!
      • Spain accounts for 11.5% of eurozone GPD while Greece only accounts for approximately 2.5% !
      • Spain is the 4th largest economy in the 16 nation eurozone and it is the 10th largest economy in the world !!
      • Analysts believe that if Spain defaults it would ultimately lead to the breakup of the eurozone.
    • Greece vs Spain
      • Who is going to save Spain?
      • - There are rumors that EU officials have begun work on a bailout package for Spain which is likely to run into the HUNDREDS OF BILLIONS OF DOLLARS!
      • “ If Greece goes under, that’s a problem for the eurozone. If Spain goes under, it’s a disaster” ( Forum in Davos, Switzerland)
    • What kind of impact does it have? - Destruction of jobs: 3.128.900 unemployed - Rise of morosity from 3.3% to 5.4% - GDP fall of 3.8% to 0.9% - ICC fall of 72.3% to 48.9% (International Chamber of Commerce) - Drop in the number of members of the Social Security
    • 9 Reasons why Spain is a Dead Economy Walking
      • - Spain now has the highest unemployment rate in the entire European Union. More than 20% of working age Spaniards are unemployed.
      • Consequence: if people aren’t working they can’t pay taxes and they can’t provide for their families.
    • Spain in crisis
      • - In an effort to stimulate the economy, Spain’s socialist government has been spending the stunning 11,4% of the GDP (Gross Domestic Product).
      • -That is completely unsustainable by any definition!!
    • Spain in crisis
      • - The total of all public and private debt in Spain has now reached 270% of GDP, this is amazing !
    • Spain in crisis
      • The Spanish government has accumulated so much debt that rating agencies have lowered long-term credit rating.
      • - These downgrades are making it much more expensive for Spain to finance its debt.
    • Spain in crisis
      • There are 1.6 million unsold properties in Spain.
      • That is six times the level per capita in the United States!!!
      • (considering how bad the U.S real state market is, that statistic is VERY alarming)
    • Spain in crisis
      • - the new “green economy” in Spain has been a total FLOP.
      • That’s why the energy prices in Spain have skyrocketed and the nation has actually lost more than two jobs for every job that it has created.
    • Spain in crisis
      • - Spain’s national debt is so big that they now caught in a debt spiral where anything they do will harm the economy.
      • - The truth is that the Spanish government is caught in a “no win” situation.
    • Spain in crisis
      • - the IMF (International Monetary Fund) says that the Spanish economy is going nowhere fast.
      • - they state there will be NO positive GDP growth in Spain until 2011 (and it will be only of 1% )
    • Spain in crisis
      • - The Spanish population has gotten used to socialist handouts and they are not going to accept public sector pays cuts.
      • - Spain’s two main unions are calling for a major one day general strike and early elections may be forced.
    • How long will it last? There are doubts about its permanence. Depend on the measures taken by: The European Central Bank The U.S. Federal Reserve The national government The consumers’ confidence appears to be a key factor in the recovery of markets
    • Questions or comments?
      • How bad is the global crisis in your respective countries?