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Understanding European Woes and the Global Financial Crisis
Spain has been the focus of the latest woes in Europe over the past few weeks. And, the key issue surrounding their banks is over lending into a property market that has fallen sharply. So, I thought the chart below best summed up their predicament.
GFC Confidence
In the lead up to the GFC, Spanish confidence was riding high and was directly correlated to retail spending, which is not dissimilar to where the USA was (and currently is).
But, after the property market tanked, so did confidence and with it went the desire to spend. With unemployment in Spain approaching 25% of the workforce, household spending is dropping which perpetuates a cycle of higher unemployment which in turn puts more pressure on the property market and the banks that lent into it
Assessment
The Spanish bank rally fizzled yesterday.
Link: http://money.msn.com/market-news/post.aspx?post=ee6e272d-7247-4e14-b33a-d8e82d337ffa
Not sure where this one will end. How about you?
Conclusion
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Filed under: Investing, Portfolio Management | Tagged: emerging markets, EU, euro, european debt, GFC confidence, Global Financial Crisis | 2 Comments »
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