As Spain’s Construction Sector Recedes, Global Rivals Move In

This month, Spanish Prime Minister Mariano Rajoy expressed his government’s intent to avoid a financial bailout through a plan based on limited assistance from the European Central Bank, higher taxes and further domestic restrictions on credit. Whether or not Rajoy is correct about Spain’s ability to forego a bailout, the new measures may be inadequate to recapitalize Spanish banks and speed the recovery of important market sectors. Even if Spain’s sovereign borrowing costs do not rise again, Rajoy’s plan means businesses will have reduced access to capital markets for some time to come. Coupled with investor reluctance to purchase Spanish […]

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