Things are likely to get a whole lot uglier.
On Friday, Spain’s benchmark stock index, the Ibex 35, plumbed depths it had not seen since the worst days of 2013, the year that the country’s economy began its “miraculous” recovery. Of the 35 companies listed on the index, 15 (or 40%) are – to quote El Economista – “against the ropes,” having lost over a third of their stock value in the last 9 months. Only one of the 35 companies — the technology firm Indra — is still green for 2016.
This doesn’t make Spain much different from other countries right now, what with financial markets sinking in synchronized fashion all over the world. Whatdoes make Spain different is that it has no elected government to try to navigate the country though these testing times, or at least take the blame for the pain…
Continue reading the article at WOLF STREET