Do you think that house prices have found a bottom yet? I fear that the structural reforms you mention will not have enough of an effect on public finances quickly enough if house prices keep falling and more banks go bust.
Looking at spanish stocks, I wonder why Telefonica is falling so precipitously. That seems way overdone to me.
I don't think so. Not on the med coast, anyways! Still way too many empty places.
Sometimes I wonder if a return to the Peseta and devaluation would bring back the foreign money in the RE market... It would at least move towards filling up the housing bubble with real money.
Looking at spanish stocks, I wonder why Telefonica is falling so precipitously. That seems way overdone to me.