Spain Is Looking Horrible

Markets started off slightly higher this morning in Europe, but things have gone south already.

Leading the way down is Spain, which is now worry-source #1 for the Eurozone.

Spain’s main stock index, the IBEX, is down 0.7%.

You can see that this benchmark index is now very close to its November lows.

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Photo: Bloomberg

Yield on the Spanish 10-year is up to 5.388%.

The economy has become a parade of horribles, as it deals with deficits that are bigger than expected, growth which is slower than expected, and reforms which are taking place at a slower pace than expected.

Yesterday, Eurostat announced that youth unemployment in Spain had crossed above the 50% mark.

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