Monday, October 17, 2011

Can Spain's regions be more creditworthy than Spain?

There is an interesting article indicating a possible downgrade for the Spanish regions of Madrid, Barcelona and Aragon, linked here.

I suppose, it might have been possible, in the early days of the eurozone, for the starry-eyed EU federalist idealists, to imagine a scenario whereby the effective destruction of their hated nation states had advance so far by now, that there would be nothing out of the ordinary in imagining wealthy EU cities or EU regions enjoying credit ratings high above those of their former national and ex-sovereign entities.

Happily, such a concept is now once again preposterous, in fact one must wonder how the question can even be asked, with no feasible solution to the Euro Group's crisis, envisaging survival for the Euro Currency as presently constructed. Madrid, Barcelona and Aragon, will be downgraded.

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