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Andy Schofield

Think/Spain: Attitudes are changing... time to re-think Spain?

As Eurozone exit fears regarding Spain have all but dissipated, attention is once again focused on the country's economic and real estate fundamentals.

Eurozone exit fears regarding Spain have all but dissipated and attention is once again focused on the economic and real estate fundamentals. While hardly attractive, the introduction of the bad bank, SAREB, alongside other banking reforms, has improved confidence in the health of the financial system. Meanwhile, the government is making progress in lowering the deficit and has implemented labour market and pension reforms. Forecasters expect the economy to contract again this year before it stabilises in 2014. As recovery will come from less stringent government austerity and from improved export performance, a return to growth is unlikely to be accompanied by a “feel good” factor for households and businesses, certainly not in the short term.

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Andy Schofield

Andy Schofield

Director of Research

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