Ignis warns on Spanish economy

"Ireland has a banking crisis, Portugal has a private sector debt crisis and Greece has a public sector debt crisis, whereas Spain has a combination of all three." Mr Thomson's grim outlook for Spain is saved by one factor - whereas its three European counterparts are "in the loving embrace of the European Union/IMF bailouts - Spain is too big to fail," he says, stressing that its size represents 8% of the Eurozone's GDP and is, after all, the world's 12th largest economy. Mr Thomson doesn’t believe Spain is technically bankrupt or that it will experience debt restructuring within the next ...