In response to:

Spain Worse Than Greece; Only One Realistic Solution

PhillupSpace2 Wrote: Nov 15, 2012 2:50 AM
And Mish, didn't Spain go all in on the Solar, wind and all renewable energy dream? That, combined with the bias that the Latin countries have never been as industrious, all around the globe! Perhaps it is the warmer climes. Quick now, tell me one innovation, technical development or invention of Spanish Origin! They are as big as Germany and dwarf Japan, Korea, Taiwan? Was it their 700 years under the Muslims? Woody Allen says 80% of success is just showing up! I would add to that getting up and taking less siesta's also helps.

Both Greece and Spain are in the midst of huge depressions. The unemployment rate in Spain is 25.8%, in Greece it's 24.4%. Youth unemployment is over 50% in both countries.

Greece is in its 6th year of depression and GDP is down another 7.2%. Expect Spain to follow.

Matthew Dalton, writing for the Wall Street Journal explains Where Spain Is Worse Than Greece

By most measures, Greece’s economy is in worse shape than Spain’s....