Club Med: Cyprus Needs MORE Money, Spain House Prices Fall and Greek Unemployment Hits 27.2%

Confounded Interest ^ | 04/11/2013 | Anthony B. Sanders

[whitedog57]

House prices in Spain dropped 9.7% YoY in Q4 2012. That is the biggest drop in house prices on record. Welcome back to 2004 levels.

Meanwhile, the unemployment rate in Greece climbed to 27.2%.

There is news from Cyprus as well. Less than a month after Cyprus bailout deal was agreed, the bailout bill has risen to €23bn – larger than the size of the Cypriot economy.

But here is the strange part. Germany is helping the bailout of Cyprus, but Cypriots are five times wealthier than Germans before the crisis. The Germans are bailing out Cypriots who are wealthier than them?

Back in the USA, the Bloomberg Consumer Comfort Index rose to -34.0. But it still remains far below the long-run average since 2000.

The European crisis continues. Not surprising given the negative GDP growth around The Med.

[whitedog57]

The glories of Socialism!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[headstamp 2]

All is well!

[ScottfromNJ]

“Meanwhile, the unemployment rate in Greece climbed to 27.2%.”

I’ll give Greece credit for one thing, at least they seem to be straight forward for the most part with reporting their unemployment numbers, unlike the phony Obama BLS and it’s cooked numbers.