Exiting the Eurozone may be painful for Spain, but it may have little choice.
Spain has been running persistent current account deficits. As writer Micheal Pettis says: “Its fundamental problem, in other words, has been the process by which its savings rate has collapsed, its cost structure forced up, its debt levels soared, and a great deal of investment directed into projects, mostly real estate, that were not economically viable.”
See the full article in Economonitor.
Meanwhile, get ready for the Spain banking bailout, which may only buy the country some time.