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What Spanish Recovery?

As reported in Zero Hedge

One of the prevailing themes in recent weeks has been that Spain has transformed out of Europe’s economic basket case into a success story. This was further exemplified today by the following quote by DieselBOOM:

  • DIJSSELBLOEM: SPANISH RECOVERY IS ON TRACK 
  • DIJSSELBLOEM: SPAIN COULD BE FRONT RUNNER OF EURO-AREA RECOVERY

It could, if one listens to bureaucrats peddling snake oily hope, but certainly not based on actual dynamics in its housing market, where mortgage apps have tumbled 90% from all time highs, pocket change investment by Bill Gates notwithstanding, and where even the YoY change has now tripled dipped.

… and certainly not based on loan to companies or households, which continue
to be the worst in the Euro group

 

 

So one wonders: with a housing market deader than ever, and with loan creation
that is the worst in the Eurozone, will the modest bounce in employment, which
as we explained last week was all driven by a seasonal jump in temp and
self-employed workers, just where is Mr. DieselBOOM and the endless ranks of
Eurotopians seeing this mythical Spanish recovery? Aside from the IBEX of
course, which like every other liquidity-bubble dependent indicator is merely
reflecting the roughly $3 trillion in annual global liquidity injections by the
world’s central banks?