A LEADING Spanish economist has claimed his country is ‘ruined for 50 years’.
Roberto Centeno, who was an advisor to US president Donald Trump’s election team on hispanic issues, says Spain has borrowed €603 billion that it ‘cannot conceivably pay back’.
In a blog post he said: “Spain is moving steadily towards the suspension of payments which is the result of out of control public waste, financed with the largest debt bubble in our history, supported by the European Central Bank with its crazy policy of zero interest rate expansion and without any supervision.
“It will lead to the ruin of several generations of Spaniards over the next 50 years.”
He went on to describe Spain’s production model as ‘third world’.
“We have a third world production model of speculators and waiters, with a labour market where the majority of jobs created are temporary and with remunerations of 600 euros, the largest wage decline in living memory.
“And all this was completed with a broken pension system and an insolvent financial system.”
The rant comes after Spain saw 13 consecutive quarters of growth in February, which was much stronger than that of its neighbours.
The economy has also defied expectations after GDP growth for 2016 reached 3.2%, the same as in 2015.
The article was’nt a rant it was factual and the figure of €603 is correct as was the comment about ryuinous speculators and the response shows a total ignorance of finance.
No wonder Squeaky Voice and others are desperate for the survival of the EU and Euro, if the Euro goes the markets will figure in this unpayable debt and a new peseta will plunge and hyper inflation will follow. The same goes for lots of EU countries, Lomotyl is sold out in Brussels.
So the source of “information” for this article is…the blog of a franquista, known for being an advisor of Donald Trump, and even worse, for being a colaborador of Alerta Digital…My God…
Here you have a typical quote of your “economist”:
El Disparate Económico
Con Franco la economía iba mejor, con perdón
Forgot to add in my first post billion – €603 billion, that is the actual debt that Spain owes.
Of course the debt of Spain is NOTHING when you compare it with the debt of the UK.
UK government debt amounted to £1.64 trillion, which is totally unpayable for a tiny little island which produces nothing, isolated from Europe and the WTO.
The next 5 decades will be very tough for the British plebs.
Mr. Centeno is not a franquist (Franco died some decades ago). He is backing a political movement in favour of a new constitution, separation of powers, senators elected by electoral districts ; for a true democracy.
I think that he es not aware that the econmy of all the industrial countries is bankrupted because she can not grow, by market and phisycal reasons.
Acording the econmist Mikhail Khazin, the only way for to restart the economy, is the bankrupcy of the banks of the industrilal countries and the reduction of the incomes of their populations in 40% for the western europeans and the 60% for the inhabitants of USA .
And respect to Trump, for Us he is better than Hillary because she wanted to sart a war with Russia and he is against ISIS really.
Pablo Cedron – for what reason does the U.K. ever have to repay any of its debt, the fact that it is in control of its own currency and interest rates means that the U.K. government gets to decide upon the level of debt that is sustainable and unlike the Spanish government is not beholding to foreign beuracrats in Brussels like Jeroen Dijsselbloem for financial decisions, a man who shows his obvious respect for southern European financial and fiscal acumen with his latest advice to the southern Europeans to stop spending E.U. handouts on women and alcohol.
Pablo the pleb conveniently does not mention the fact that one of the reasons for the UK debt level is the billions it has contributed to the E.U., the U.K. has been a net contributor, second only to Germany, since it joined the as then, Common Market, unlike certain other governments who for years have received billions in E.U. handouts, which has then been wasted by endemic corruption and inefficiency, on airports that have no flights and roads that go nowhere, whilst at the same managing to sustain a youth unemployment figure of over 41%, which by the way in the U.K. is 12%.
As my German friends never get tired of telling me you can replace the burro with a BMW but the mindset stays the same.