Monday 4 January 2010

Spanish Recession - 1

A friend of mine in Canada sent me the article below.

Will Spain be miserable this year. This could be a nice thread for the blog.

Spain tops 'misery' list

Like a Lonely Planet guide for unhappy places, Moody's has compiled a list of miserable countries for 2010 -- something to keep in mind for the new year if you're going to travel but don't want it to lift your spirits.

Spain tops the "misery index" because, in spite of its sun-drenched landscapes, world-class museums and mind-boggling ancient architecture, its economy is the most dismal according to the index, which combines unemployment rates with budget deficits to arrive at some not-very-encouraging numbers.

Other economies high on the 16-country misery tour are Latvia, Lithuania, Ireland and Greece. The U.K. is the most miserable G-7 country, at No. 6 on the index, with the U.S. in seventh.

The Moody's gauge follows a tool created by U.S. economist Arthur Okun in the 1970s that adds unemployment and inflation rates to grade an economy's level of misery.

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