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...