12/19 AEP: Spain grits teeth yet again as austerity deepens

By John Galt
December 19, 2011 – 16:45 ET

Tonight's commentary from Ambrose Evans-Pritchard via the U.K. Telegraph:

Spain grits teeth yet again as austerity deepens

This excerpt really sums up the depth of the crisis about to hit the Spanish people, remainder of the PIIGS, and the European Union as a whole:

It may prove harder this time within the euro straight-jacket. “The global economy was much stronger then and they benefitted from devaluation,” said Dario Perkins from Lombard Street Research.

“Europe is repeating the same disastrous policy tried in Greece. They have not learned the lesson and it is hard to see how the outcome can be much better in Spain. The banking debts have been hidden and we don't yet know how much this will cost the government.“

Translation for the non-economic geeks among my readers and fans:

Europe is freaking toast.