 |
|
“Even before the crisis, Repsol didn’t anticipate a need for financing from the markets – and I certainly couldn’t contemplate turning to the markets now”
Antonio Brufau, Repsol |
SPAIN’S ECONOMY HAS been transformed in the past decade as a result of liberalization, globalization, a surging real estate sector and a massive credit boom. Inevitably, the good times – as elsewhere in Europe – have come to an end. Debt defaults rose 203% in Spain in the third quarter of 2008 compared with a year earlier, according to Spain’s Official State Bulletin, and the European Commission said that it expected Spain to enter its first recession in 15 years by the year-end.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
