Z ilio Navarro.
Madrid, Aug 16 (Thomson Financial) .- The economies of Spain and Portugal have gone from being a burden for Europe to become the champions of growth in the Eurozone, something incredible just a year ago, which coincides with the economic slowdown in the second quarter by the large continental economies.
From hell to heaven, to be the caboose to be the European locomotive. They feel Spain and Portugal after the latest data, which demonstrate the stagnation between April and June of Eurozone GDP, which only grow Spain and Portugal (0.6%) and the Netherlands (0.5%).
It is true that the Spanish and Portuguese economies have sufficient magnitude to drag European GDP train, carrying large and heavy cars such as Germany and Italy (-0.2% in the second quarter) and France (0.0%), but after coming from very difficult situations, any positive development south of the Pyrenees is celebrated.
The question now, experts say, is whether this second quarter is temporary or not, because if the main European economies are paralyzed does not seem likely that the periphery continues its progression and, much less, that can raise their growth forecasts.
Saw the picture, experts consulted by the ECB has already revised down its growth forecasts for the euro area by 2014 one tenth to 1%, while keeping the figures for 2015 and 2016.
And last but not least, Inflation also seems to help with dangerously low rates in July in both the euro area and the EU, 0.4% and 0.6%, respectively. Spain had the red (-0.3%) and Germany went further (-0.8%).
The causes of this stagnation are to be found on many fronts, both external (the tensions geopolitical existing in Russia, Ukraine, Iraq, Gaza, Syria and Libya) and internal (consolidation policies and cuts, or certain immobility by the ECB).
This creates a very dangerous cocktail for Europe and also to Spain, which also has to contend with some native components such as high unemployment, more than 24%, or debt around 100% of GDP.
The icing on this cake discouraging news put together in Japan, which occurred in the second quarter of its economy contracted 6.8% in annualized terms, and 1.7% over the period from January to March.
Leaving aside large data macro and down at ground level although in this case it would be better to tell the depths of the sea, the controversy seems to have sparked summer with the decision of the Ministry of Industry authorize Repsol to fathom waters Canary for oil
President of the Canary Islands, Paulino Rivero, has threatened to break institutional relations with the Government of Spain if carried out these surveys.; Industry claims that the polls will be made within 60 kilometers of the thing and with maximum guarantees, and Repsol says its project is rigorous, while minimizing environmental risks. The saga is served.
While energy companies, other battles though this seems less enconada- be around E.ON plans to sell assets in Spain and by several companies who bid including Portugal’s EDP and Spanish Endesa as prime candidates.
We’ll see who takes the lot and, most importantly, at what price.
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