The future is DARK....
but with a lot of SUN in the beaches.
We are in a Global Financial Crisis. Catalonia too, that it had red
numbers for 2 consecutive quarters. The good results in exports and the tourism
industry have not been enough to counteract the contraction of internal demand.
This is the second recession in the Catalan economy since the end of 2007. The
construction sector has decreased by 5.1% compared to one year ago. With this
figure it accumulated 15 consecutive quarters (almost 4 years) of activity
drop. This negative trend means that at the end of the first quarter of 2012,
the sector has the same activity level it had a decade ago in 2002.
I can not see a recover in Catalonia, or Spain or Europe if there is not
a Global Recovery. The sentiment here is bad...When LB bankrupted 5 years ago,
here we said: we don’t mind, were not Lehman...we have the best banks in the
world, like Prime Minister of Sapin said...LOL !! The same as Ninjas, etc...So
maybe we are now where the US credibility were 5-4 years ago with the financial
system, I mean: a credibility problem.
The problem in SPAIN are mainly banks. The Government always say that no
one can go BANKRUPTCY. And all spaniards must pay all the bank debt. BANKIA
(the spaniard bank that was out last year in a IPO at 4€...and now is quoting
below 1€ is the biggest problem). All they said was false, balance sheet, etc). A lot of lies here. Nobody
knows how much money need Banks. For example, The capital needed for a
reconstruction of Bankia has gone up from the €5.4B to €15B and now to €23B.
The whole bank sector need €60B they said. The capital need will
probably be much higher.