Spain ran a deficit of 1.94% of GDP in the first two months of the year. I’m no math genius but that works out to about 12% if that level is sustained for the rest of the year, way above forecasts.
A year ago, the deficit for Jan/Fed was 1.29% of GDP, so there is a clear deterioration. Spain is trying to meet a 5.3% deficit to GDP target for this year after hitting 8.5% yesterday.
Spain: Way too big to fail.
