Report title: Spain: A Harsh Adjustment in a Global Recession
from Fitch Research
14 page (3465 word) report published Oct 16, 2009

Price $275.00 available for immediate download
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...This presentation was given at the Covered Bond Seminar hosted by Danske Markets in Copenhagen on 16 September 2009. The opinions expressed are those of Andres Klaar, Associate Director in Fitch's Sovereign group. Summary This presentation examines the harsh economic adjustment currently underway in Spain and the implications for sovereign creditworthiness. The key points are as follows. > The sharp widening of the fiscal deficit needs to be viewed in the context of a massive swing into financial surplus by the private sector as investment rates are slashed. While economic rebalancing was inevitable in the light of the widening in the current account deficit, the process has been made much harder by the global recession. Against this backdrop the government utilised headroom from earlier public debt reduction to engage in aggressive fiscal stimulus that is easing the macroeconomic adjustment process. > Spain's investment boom was not only driven by a real estate bubble -- non- residential...

Report Type: Special Report
Company(ies): Government of Spain
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Price: $275.00



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