Remember Spain and Italy?-they still have some minor problems

Spain reporting unemployment rate of 21.5 %, a 15 year highs. When unemployment gets to those levels, things become unmanageable.

Italy has neither changed, despite the furious market bounce we have seen over the past days. Just a reminder chart below. Wonder what haircuts China would be willing to bail out in Italy?

Chart, McDonough

and some more on the Spain Pain.

Full report here.