A few links via El Pais.
Regular readers of The Trader know our negative view on the Spanish Economy. The desperate situation of many Spanish towns and municipalities, has not been in focus, as investors have been focusing on the chaotic Greek financial situation. Maybe it is time to start focusing on the possibly much bigger problems Spain faces. Jerez, a beautiful town in southern Spain, famous for it’s Jerez wine and proximity to the Atlantic Ocean is practically bust. Expect the Zapatero blame game to intensify, while the “cheap” property market goes into free falling mood soon. From El Pais;
The mailbox is a cold economic indicator. You know things are not going well when the notices and returned bills start piling up. You also know things are bad when your daughter starts having problems at school because she thinks her parents are breaking up. Francisco Marcos has not been sleeping at home lately, but it’s not because he’s mad at his wife, as his daughter believes. He is one of 14 employees at the municipal cemetery in Jerez de la Frontera who have spent several nights camping out at the doors of the graveyard. They are demanding that the local government pay them the two months’ wages they are owed.