Monica Roccaforte Info

Third World economic crisis is already here.

However, it has only just begun, as denounced by the Foundation for Analysis and Social Studies (FAES). The Government still refuses to speak of a crisis, despite the avalanche of negative data in the national economy.

The problem is that the PSOE failure to diagnose and refuses to adopt economic measures that Spain needed urgently.

Spain grows less and far worse than four years ago, as noted the flood of negative data that have the economy for months: Sharp fall in economic growth, sharp rise in unemployment, exorbitant inflation, unsustainable external deficit, closing thousands of companies, rising delinquencies, plummeting confidence, rising mortgages.

Nevertheless, Zapatero and his acolytes economic ministers, Solbes and Sebastian, refuse to talk about the crisis and described as unpatriotic those who simply call things by their name. The problem is that, by denying the crisis, decline to adopt economic measures that Spain needed urgently.

This crisis could bestial have been avoided, as was predicted since at least 2006 by leading economists who warned about the harmful effects of the disastrous economic policies of the Zapatero Solbes and Sebastian: excessive growth of government spending, higher taxes, increased government intervention in companies (see bid for Endesa), politicization and loss of credit from regulators or the absence of structural economic reforms.

addition, most independent analysts predicts a drastic reduction in economic activity and a brutal rise in unemployment. Thus, existing data so far leave no doubt:

1. Rapid deterioration of economic activity.

2. Rising unemployment : I mean, every day, more than 2,700 people join the unemployment lists. At this rate, in late 2008 may have generated a million newly unemployed in one year.

3. inflation, exorbitant.

4. external deficit: It has shot up 10 percent of GDP.

5. rising mortgages: The Euribor was at 2.05 percent in March 2004. Thus, for an average mortgage (150,000 euros to 30 years Euribor + 0.5 percent, the most common) today English pay 3,084 euros each year more than when Zapatero came to Government, ie 260 euros more per month.

6. increase in defaults and company closures: The official data show a dramatic increase in loan delinquencies and defaults business.

However, only lying to the English Zapatero Solbes and Sebastian can attribute the crisis of the English economy to "external factors". On the other hand, there is a problem of brick, but the whole English economy. So, as the Bank of Spain said in its Economic Bulletin April, the English economy a deep slowdown in all industries.

And we have 4 years ahead of PSOE ...