Thursday, June 14, 2012

The downward spiral...


On the positive side of the ledger, the ECB continues to float "lender of last resort" trial balloons that  are well-received by those seeking short-term solutions to the Euro problems.

But without a uniform policy, the challenges to "optical backstops" will proceed.

(Reuters) - Spanish house prices fell at the sharpest pace since
current records began in the first quarter, data showed on Thursday,
deepening a property market slump and serving up more bad news for the
country's battered banks.

Prices dropped 12.6 percent year on year, national statistics
institute INE said. The fall was the biggest since the data series
began in 2007, easily beating the previous trough of 7.7 percent in
the second quarter of 2009.

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