Per Svensson writes the Weekly Report
to subscribers (see here
). Here's a piece from today's report:When Spain goes bust
Experts and commentators take it for granted that Spain will at some point during this year be unable to meet its financial commitments, that the markets will not be willing to buy unsafe public bonds anymore, not even at 6% interest, and that a number of banks will close their doors due to lack of credits and deposits from clients.
The Rajoy government will go on cutting the income and living standard of Spanish families, at the same time as taxes, charges and costs soar. The result being a deepening recession of the Spanish economy, and falling consumption, leading to less tax income and thus the subsequent shrinking of public services.
We have asked ourselves how such a situation may affect the many foreign property owners in Spain, and have reached the following conclusions:
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