Two weeks ago, the iShares MSCI Spain Index Fund ETF (EWP) finally broke through its 2009 lows. Today, at the time of writing, EWP has plunged into nine-year lows, and is sinking fast. Charts like these remind us of the financial peril facing Europe right now.
Source: FreeStockCharts.com
In the latest news, the European Commission offered Spain more time to get its debt under control and to recapitalize its banks. I am not exactly sure how more time resolves anything when it seems like Spain needs new tools, new sources of growth, new sources of economic competitiveness to pull itself out its current economic vortex…
Be careful out there!
Full disclosure: no positions