Europe Yield Backup Signaling Complacency Bringing a New Crisis

Europe Yield Backup Signaling Complacency Bringing a New Crisis

David Ramos Vidal/Bloomberg

Spain’s budget deficit probably exceeded 9 percent for a fourth year in 2012 as record unemployment, shrinking output and the bank bailout costs offset almost all of the government’s 62 billion euros of austerity, according to economists at Societe Generale SA and the Madrid-based Applied Economic Research Foundation.