Storm looming in eurozone as Spain economy falters
Spainís worsening economic crisis and fears that the cash-strapped country might need a bailout that the eurozone can barely afford have caused a violent economic storm in European financial markets.
Fears soared high after the interest rate on Spainís debt bonds climbed to a record high of 7.39 on Monday causing the euro to take a nosedive versus the US dollar and Chinaís Yuan, a recent report by Radio France Internationale (RFI) said.
While every euro was dealt for USD 1.20, most financial and economic experts in Europe expect further fall in euro-dollar parity during the coming weeks.
Meanwhile, on Monday Moodyís Investors Service changed the outlook for the ratings of Germany, Luxembourg, and the Netherlands to negative from stable, citing the uncertainty about the eurozoneís ongoing debt crisis. If fears over the eurozone financial crisis continue to rise over the next months, Germanyís AAA-ratings as Europeís number one economy will be lowered.
The recent development comes as financial markets believe Spainís economic woes go far beyond the countryís ailing banks that have been grappling with major economic problems.
Global investors say the single currency areaís economic situation will remain critical considering the amount of the Spanish governmentís debt, which demands capabilities beyond the current European mechanisms for assisting the eurozone member states, Greeceís worsening economic crisis and its possible exit from the 17-nation bloc, and also Italyís falling economy. As a result, many analyst wonder whether Spain can be still considered a financially creditable state.
The bitter fact to admit is that Spain is experiencing a seriously critical economic situation with all its macroeconomic indicators having crossed the red line. Moreover, the countryís economic growth has been negative during the past nine months.
Read the full article at: presstv.ir
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