A very clear reference to the situation Greek

"The Spain is not the Greece! Hammered on all tones, these days, the message of the Socialist Government of José Luis Rodríguez Zapatero does not appear to calm the concerns of the markets as the economic situation of the country. To the extent that some have taken to cash the rumor that Madrid would seek financial assistance from the IMF in the amount of EUR 280 billion! In an atmosphere of high stock market volatility in Europe, the Ibex 35, indicator features of squares of Madrid, Barcelona, Valencia and Bilbao, has thus suffered yesterday, a very strong pressure, before closing the session on 5.41, to 9.859,1 points.

The first victims were the major Spanish banks Banco Santander, BBVA and Banco Popular, who all lost more than 7. It took the rating agencies Fitch and Moody's to disclaim the rumours of a next degradation of the note by the Spain, lowered the week last by Standard & Poor's (S & P) in the wake of the Portugal to calm tensions a moment. The differential of profitability of the good Spanish in 10 years with the German "Bund" nevertheless rose above 120 basis points. Visit yesterday in Brussels, President Zapatero said that there was "no reason" to speculation against the Spain. S & P has motivated its decision to degrade the Spanish note by the fact that the debt burden would increase from 54.3 to 85 by 2013, increasing all financing needs.

Insufficient reforms

"He must learn the lessons of the Greek crisis." The warning, launched Monday, by Miguel Angel Fernandez Ordonez, the Governor of the Bank of Spain, nonetheless summarizes the frustration of many economists and investors before the inaction of Madrid to launch structural reforms. Faced with a deficit of the public accounts of 11.2 in 2009, the Government certainly presented, in January, a 50 billion euro austerity plan. But its outlines remain unclear. Discussions revolve in a circle with the social partners on a possible reform of the market work and the project to push to sixty-seven years the age of retirement no longer seems on the table before the radical opposition of unions. The restructuring of the banking sector, particularly that of caisses savings, confronted to a stagnation of their activity and an outbreak of unpaid, patina as it should be concluded before July 1. In this context, the announcement of the removal of a few tens of positions of senior officials to generate 16 million euros in savings year appears to be offset in the light of the issues.

As the magnitude of the last figures (more than 4.6 million jobseekers in late March, a decrease from 24,000 in April), leaks, deliberate or not, which led, last week, the publication early on the level of unemployment, have not been to the best effect. To the extent that José Maria Campa, Secretary of State for the economy, is mounted to the niche, Monday, to defend the credibility of the Spanish statistics. Explaining that generate a doubt in the matter could create a "dramatic situation". A very clear reference to the situation Greek. Today, markets expect tangible signs. If it lead to a union sacrée as happened to the Portugal, the meeting held today between José Luis Rodríguez Zapatero and Mariano Rajoy, the leader of the main opposition party, could be a first gesture strong. Thursday, the Treasury will be issuing vouchers to five years, offering 3 interest. He hopes to raise at least EUR 2 billion.