Spain is so screwed!
Great chart from the Angry Bear Blog on the evolution of labor costs in the EU (clic the pic for a more glorious image):
The orange line that inexorably rises? Spain.
The green line on the bottom that ends up almost 30% below Spain? Germany.
Chances of Spain reversing this without years of economic and social pain given their membership in the Euro? Zero.
Labels: be careful what you ask for, deflation is a bitch, divided we rise
posted by Angus @ 1/18/2011 08:50:00 AM
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2 Comments:
Is this convergence? I'd like to see them not individually normalized. To be fair, I know bupkis about European labor markets, so maybe that's a moot point.
Greece is more amusing to me. Spain has only a consistent systematic problem. Greece on the other hand, it makes me think of intermittent violence in the streets.
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