Morning Must-Read: Paul de Grauwe: Revisiting the Pain in Spain

Paul de Grauwe:: Revisiting the pain in Spain | vox: “There has been a stark contrast between the experiences…

…of Spain and the UK since the Global Crisis….The ECB’s Outright Monetary Transactions policy has been instrumental in reducing Spanish government bond yields, [but] it has not made the Spanish fiscal position sustainable. Although the UK has implemented less austerity than Spain since the start of the crisis, a large currency depreciation has helped to reduce its debt-to-GDP ratio…