Spanish-revival-economic-recession-economics Ellie LoNardo/Flickr

La ripresa della Spagna

MONACO – Dopo aver lottato per la sopravvivenza negli ultimi due anni, l’economia spagnola sembra essere uscita dalla terapia intensiva. Il settore bancario è ormai considerato “risanato”, la domanda delle obbligazioni spagnole è cresciuta ed il paese può ancora una volta aumentare il capitale a tassi di interesse ragionevoli sul mercato. Ma c’è ancora molto lavoro da fare per garantire una ripresa stabile nel lungo termine.

Prima di tutto la buona notizia. La fiducia degli investitori è in fase di ripresa come dimostra il recente stanziamento di 10 miliardi di euro (pari a 13,8 miliardi di dollari) nelle obbligazioni statali con rendimento a dieci anni le cui sottoscrizioni sono state di quattro volte superiori. Mentre i premi di rischio sulle obbligazioni con rendimento decennale continuano a rimanere ai livelli precedenti alla crisi, i rendimenti sono invece scesi in modo consistente dal 4% all’inizio del 2010 all’attuale 3,2%. Un numero crescente di banche e aziende sta poi tornando al mercato dei capitali.

Inoltre, l’economia spagnola ha riniziato a crescere nel terzo trimestre dell’anno scorso e quest’anno dovrebbe registrare una crescita pari a circa l’1%. Se, come indicano le stime, il PIL crescerà a circa il 2% l’anno prossimo, la Spagna supererà la media dell’eurozona ponendo delle condizioni in grado di portare a dei risultati importanti nel lungo termine nel campo dell’occupazione.

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