Looking up despite everything

The troubled eurozone has now been joined by China, where an economic slowdown is very likely, while in the USA in May the unemployment rate went up, suggesting that the biggest economy in the world, which has been relatively resistant to the turmoil in Europe, could also have problems maintaining its relatively rapid growth rate. Of course, the situation in the indebted countries of the eurozone remains the main factor determining the behaviour of the financial markets; however, the centre of gravity has moved towards Spain. The country is following the 'Greek' path, with a sequence of credit rating reductions, fears over the local banking sector and discussion about the public aid granted to Spanish banks. The situation is serious because the scale of the aid for Spanish financial institutions could exceed EUR 100 bln. Paradoxically, the news in the first half of June of the expected aid for Spanish banks to be received from other countries was greeted with euphoria on the global sto