Weak GDP growth, higher fees and taxes, unable to pay its workers, leaving thousands from South Asia stranded. But… “Things are very fine.”
The hangover of oil dependence has only just begun.
It’s a sign of how bad things are that we feel optimistic about $35 oil.
Political baloney doesn’t fix the fundamental issue.
“The risk of a deeper decline has intensified.”
Buckle in. It’s going to be a very long haul.
Low oil prices are the wreckage from a war – a financial war.
Oil is brutal. But for those prepared to survive this bust….
Ugly for Spain’s over-indebted, liquidity-challenged construction giants.