Despite claims by Spain’s acting minister for industry, trade and tourism, Reyes Maroto, on Thursday that “no one” in Spain sees a short term crisis coming, the big bananas in Brussels do not agree.

Yesterday, the European Commission warned EU member states should be prepared for “all scenarios” as the European economy continues to decelerate and is not expected to pick up in the near future and Spain is one of the countries forecast to default the most - politics aside.

The European economy has entered a new period. While output grew over the past decade, with solid figures seen in recent years, “this is not the case anymore,” warned Economic Affairs Commissioner Pierre Moscovici.

And that has been, or rather is, the case in Spain. While output may be rising, consumption has been steadily falling which means people are not spending and that has a knock on effect on business revenue and jobs, not to mention confidence.

One of the main sources of concern for the EU executive continues to be the ongoing global trade tensions and Spain has been threatened with tough sanctions by Trump unless, according to him, the country stops funding the Venezuelan leader Nicolás Maduro and approve the extradition of former Venezuelan spy Hugo Garvajal, wanted on drug smuggling charges in the US.

Never mind Brexit, looks like Europe’s got bigger problems.

Comments

The content of comment is the opinion of users and netizens and not of mallorcadailybulletin.com.

Comments contrary to laws, which are libellous, illegal or harmful to others are not permitted');

mallorcadailybulletin.com - reserves the right to remove any inappropriate comments.

Warning

Please remember that you are responsible for everything that you write and that data which are legally required can be made available to the relevant public authorities and courts; these data being name, email, IP of your computer as well as information accessible through the systems.

* Mandatory fields

Y / Hace 2 days

How you've extrapolated my preference for paying more or less tax from my comments is highly creative Bert. I was commenting upon the current climate of trade wars going on, chaotic UK politics and (leave or go) the waste of time, money and opportunities that the last 3 years have brought and once out of Europe the diminished opportunities for the UKs young and not so young to study and work and live in Europe because: 1,The UK will be a 3rd party country and 2, as the piece says, it's looking like a recession is coming.

+2-

Bert / Hace 3 days

Yogi, so you would prefer to subsidise all the other economies with your hard earned taxes ? Don’t forget, the U.K. is a net contributor to the EU.

+-1-

Yogi / Hace 4 days

Trump imposing sanctions on Europe and China plus many economies elsewhere being affected by this and Europe heading for recession too. Great time to exit your main trading bloc, and have the connected trading ties with other blocs and countries cut too. Britain, especially with the election, is so self obsessed that no one is seeing the global picture and what an economic Maelstrom awaits upon getting Brexit done. If they ever do. What a gigantic waste of time, money and opportunities, especially for the young.

+-3-