Barcepundit reports that Spain is imploding under the weight of its huge short term debt and that Zapatero is finding few defenders:[T]ake a look at this chart by McKinsey showing Spain's total debt, including government, non-financial business, households and financial institutions, as a staggering 366% of GDP"Also, while it may be true, as the Zapatero government spin goes, a 56% public debt over GDP (60% forecasted for 2011) is much lower than many countries, what makes it different is that the debt is very short-term, about one year. If you add the €100bn deficit ($137 bn) in 2009, plus other €125 bn (€$171 bn) maturing within 2010, it's going to be extremely difficult to raise that much money at a reasonable price. We're talking about €225 bn ($308 bn).In Greece, the response to a directive from the EU to cut government spending is being met by nationwide strikes. In Portugal, the economic situation is also out of hand.Once upon a time, profligate...(Read Full Post)