AUTOREFRESH 
Spanish car sales plunge after VAT hike
By Jamie Coleman || July 29, 2010 at 14:26 GMT
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Car sales in Spain fell 50% in July, according to the carmakers lobby. The blame the end of a government subsidy and the hike in the value added tax as part of the austerity package for the sale slide.
So this is how it will start. Soon we will be hearing about other countries and the cumulative effect of the austerity measures. My opinion is that it is in the best interests of the US and EU to have a near parity exchange rate. Even though we have quite a strong rally in the euro I just can’t see it long term as the austerity measures kick in. My opinion is the hurdles on both sides of the pond are similar however the euro faces more of an identity crisis vrs usd.