Spain's Economy: Spanish house prices have declined by about 11% from their peak in the first quarter of 2008 but further adjustment will follow in the biggest of the at risk economies in the Eurozone.
Sovereign risk and the so-called EMU (European Monetary System) periphery are once again taking center stage, according to economists at US investment bank Morgan Stanley who have argued that the countries generally associated with this group (Italy, Spain, Greece, Portugal and Ireland) are a very heterogeneous bunch and that some of them are no longer a ‘pure' peripheral country such as Italy.
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