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	<title>Spain &#8211; RFR</title>
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	<description>GLOBAL MACRO AND THEMATIC INDEPENDENT RESEARCH</description>
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	<title>Spain &#8211; RFR</title>
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		<title>The Deleveraging Mirage: A Careful Look at Italy Today</title>
		<link>https://richesflores.com/2013/02/03/the-deleveraging-mirage-a-careful-look-at-italy-today/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Sun, 03 Feb 2013 20:37:29 +0000</pubDate>
				<category><![CDATA[Italy]]></category>
		<category><![CDATA[Sovereign Debt Crisis]]></category>
		<category><![CDATA[THEMATIC]]></category>
		<category><![CDATA[Spain]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=3018</guid>

					<description><![CDATA[Europe’s most distressed countries should see their debt peak in a year or two, before descending to more manageable levels by 2020. Or at least that’s what the IMF, the European Commission, and the credit rating agencies all claim. Coming on the heels of the 2012 crisis, this is a heartening forecast—but a pretty surprising one, too. Just what is it based on? We’ve examined these institutions’ various scenarios for Italy and Spain, whose mounting sovereign debt burden loomed large in 2012, and for France, where the sovereign debt outlook raises a whole host of questions]]></description>
		
		
		
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		<title>After a Summer Break, The Carrot and the Stick</title>
		<link>https://richesflores.com/2012/08/27/after-a-summer-break-the-carrot-and-the-stick/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Mon, 27 Aug 2012 13:46:38 +0000</pubDate>
				<category><![CDATA[GLOBAL MACRO]]></category>
		<category><![CDATA[Sovereign Debt Crisis]]></category>
		<category><![CDATA[Spain]]></category>
		<category><![CDATA[Italy]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=1846</guid>

					<description><![CDATA[After several weeks of major uncertainty, investors hailed the ECB’s promises of late July, and the month of August provided a welcome lull. The two key questions are how long it will be before they start demanding follow-through on those promises, and just what the much-awaited measures will entail. By requiring Spain and Italy to request assistance from the EFSF rescue facility before agreeing to purchases of their government debt, the European leaders will only drive the EU even further into the morass it has been mired in for more than two years. And a growing number of countries in the region will inevitably get dragged down in the process. Unfortunately, those leaders show little inclination to do otherwise.]]></description>
		
		
		
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		<title>Spain: Spiraling Downward in Greek Fashion?</title>
		<link>https://richesflores.com/2012/07/15/spain-spiraling-downward-in-greek-fashion/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Sun, 15 Jul 2012 13:35:45 +0000</pubDate>
				<category><![CDATA[European Monetary Union]]></category>
		<category><![CDATA[GLOBAL MACRO]]></category>
		<category><![CDATA[Sovereign Debt Crisis]]></category>
		<category><![CDATA[Spain]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=1840</guid>

					<description><![CDATA[The current approach to managing the sovereign debt crisis is so absurd that it will wind up destroying the European Monetary Union—perhaps even faster than anyone dares to imagine today. With the economy in free-fall since mid-spring, pressing ahead with fiscal adjustment programs means exposing Europe’s crisis-ridden countries to major risks.]]></description>
		
		
		
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		<title>From High Hopes to Despair: The Missing Metric in the European Monetary Union</title>
		<link>https://richesflores.com/2012/07/14/from-high-hopes-to-despair-the-missing-metric-in-the-european-monetary-union/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Sat, 14 Jul 2012 13:53:36 +0000</pubDate>
				<category><![CDATA[European Monetary Union]]></category>
		<category><![CDATA[THEMATIC]]></category>
		<category><![CDATA[Spain]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=1851</guid>

					<description><![CDATA[It all started out with high hopes. The idea was to build a united Europe that would enhance well-being all around. A sharing Europe that gave the continent’s least developed countries an opportunity for fast-track convergence with the wealthiest countries. And lastly, a peaceful Europe—because the combined economic strength and weight of its members would ensure lasting cohesion.

In the first several years, those hopes appeared to be more than well-founded. When Spain joined the EU in the mid-1980’s, the country’s living standards lagged 25 percent behind the French-German average. Within less than fifteen years, the ensuing boom had lifted Spanish per capita income by 50 percent, making up for nearly half of the initial differential. Over that time span, massive foreign investment drove industrial expansion and exports quadrupled in volume, with 75 percent going to other EU Member States. The labor force also increased from 11 million to 15 million, while year after year, EU structural transfers, of which Spain has long been the leading recipient, helped the country gradually build up infrastructure to the level required to secure long-term growth.]]></description>
		
		
		
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