Does Spain Need a Bailout?

Europe’s bail-out fund is not big enough to handle the country next in line: Spain, the euro’s fourth-biggest economy, with a GDP bigger than Greece, Ireland and Portugal combined.

On the face of it, the Spanish fears look exaggerated. Although it shares something of Ireland’s banking woes and of Greece’s wretched competitiveness, it is in less trouble than either. Its public debt, at around 60% of GDP, is below both Germany’s and the EU average. Its big banks are strong. Its multinationals are increasing their exports. In May, when investors ditched Spanish assets during the Greek panic, José Luis Rodríguez Zapatero, Spain’s prime minister, abandoned the notion of spending his way out of recession. Instead he ordered spending cuts and then tax rises to trim the budget deficit from 11% of GDP in 2009 to 6% next year.

Why the White House Correspondents’ Association dinner won’t feature a comedian in 2019

It's the first time the association hasn't hired a comedian in 16 years.

(Photo by Anna Webber/Getty Images for Vulture Festival)
Culture & Religion
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How to split the USA into two countries: Red and Blue

Progressive America would be half as big, but twice as populated as its conservative twin.

Image: Dicken Schrader
Strange Maps
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  • Perhaps the best way to stop the infighting is to go for a divorce and give the two nations a country each
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A study on flies may hold the key to future addiction treatments.

Scott Barbour/Getty Images
Mind & Brain
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