Sunday, June 10, 2012

Spain's requested bailout in perspective

Spain is asking for a 100 billion euro bailout, about $125 billion. That's about 8.9% of its GDP ($1.41 trillion). If the U.S. were to have a bailout of that percentage, it would be about $1.37 trillion.

Spain hasn't exactly had great economic growth, even a decade before the crisis. Now, someone claimed on this Wikipedia page, "Spain's economy had been credited with having avoided the virtual zero growth rate of some of its largest partners in the EU. In fact, the country's economy had created more than half of all the new jobs in the European Union over the five years ending 2005." That should tell you a lot about the EU's overall condition.

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