Spanish election – what a paella!

The Spanish election looks to be turning into the worst possible outcome, neither side, left or right, will be capable of forming a coalition. Fragmentation is total. And that puts an end to the reform process in a country that despite growth above 3% still can’t get a grip of its fiscal deficit or enact labour market reforms. We stay short the euro and Spanish sovereign debt. Spanish equity markets are also ripe to underperform.

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