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Spain Continuing On The Path Down

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http://uk.biz.yahoo.com/27082009/323/spain...1-1-pct-q2.html

Financial News

Thursday August 27, 08:44 AM

Spain's economy shrinks 1.1 pct in Q2

MADRID (AFP) - Spain's recession-hit economy shrank 1.1 percent in the second quarter, official data showed on Thursday, worse than the original estimate of 1.0 percent.

Compared with a year earlier, the economy contracted 4.2 percent, rather than 4.1 percent, according to final figures provided by the National Statistics Institute.

The second quarter marks the fourth consecutive contraction in the once booming economy. It shrank 1.9 percent in the first three months of the year, 1.0 percent in the last quarter of 2008 and 0.3 percent in the third quarter of 2008.

Spain's economy has proved especially vulnerable to the global credit crunch because growth relied heavily on credit-fueled domestic demand and a property boom boosted by easy access to loans.

And what was the source of all our "wealth?"

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And what was the source of all our "wealth?"

debt. Pretty obvious. We are circling around the Maelstrom.

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And the goverment rescue plan is all debt. One time of day not so long ago you could not pay off debt with debt!

Thanks because the paradigm of debt is wealth didn't exist.

Once it became reality it's quite possible to pay off debt with debt.

Rolling over debt is quite clever really.

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http://uk.biz.yahoo.com/27082009/323/spain...1-1-pct-q2.html

Financial News

Thursday August 27, 08:44 AM

Spain's economy shrinks 1.1 pct in Q2

MADRID (AFP) - Spain's recession-hit economy shrank 1.1 percent in the second quarter, official data showed on Thursday, worse than the original estimate of 1.0 percent.

Compared with a year earlier, the economy contracted 4.2 percent, rather than 4.1 percent, according to final figures provided by the National Statistics Institute.

The second quarter marks the fourth consecutive contraction in the once booming economy. It shrank 1.9 percent in the first three months of the year, 1.0 percent in the last quarter of 2008 and 0.3 percent in the third quarter of 2008.

Spain's economy has proved especially vulnerable to the global credit crunch because growth relied heavily on credit-fueled domestic demand and a property boom boosted by easy access to loans.

And what was the source of all our "wealth?"

This cant be true, I didnt see it on the BBC :P

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