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Research: Obvious Problem for Spain Is That Housing Market Not Yet reached a Stable Equilibrium or a Floor

Apr 18 2012
By
Forexbrokerz.com

Quotes from Societe Generale Cross Asset Research:

-The obvious problem for Spain is that the housing market has not yet reached a stable equilibrium or a floor. The continuing and accelerating pace of decline risks undermining the Government's efforts to strengthen the banking sector and in particular, the €50bn of additional provisions that the banks are required to make by the end of the year, could quickly be absorbed if the downturn continues.

-Moreover, given the sizeable fiscal consolidation the government plans this year to hit the required 5.3% deficit target, there appears to be little hope of respite in the short term. Arguably this perfectly illustrates the flaws in the European policy approach. The total amount of deleveraging and write-offs the banking sector will have to undertake is not a finite static quantity but is itself dynamically contingent on the state of the economy.

-Whereas arguably policy should be directed to putting a floor under the housing market and stemming the losses faced by the banks, the European demand to get the deficit down to 3% of GDP in an unnecessarily short timeframe risks actually doing the opposite. 

The material has been provided by Instaforex Company - instaforex.com
TAGS: Research:  Obvious  Problem  for  Spain  Is  That  Housing  Market  Not  Yet  reached  a  Stable  Equilibrium  or  a  Floor 

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