S&P “nightmare scenario” for Spain

S&P at least acknowledges that this is possible, unlike all the politicians who will deny until it happens

 

In a nightmare scenario in which the combined GDP fell by 20% between 2011 and 2015, the destruction of a quarter of today’s jobs, down 70% the stock of housing prices 45% and interest rates of debt which even reaches 17%, Spanish banks and savings banks would need an injection of public capital of 64,000 million euros, equivalent to 6% of GDP. This is the extreme endurance test, to which the rating agency Standard & Poor’s (S & P) wanted to submit to the major European economies and that Spain.

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