Spain close to becoming Europe’s Argentina, says BlackRock
A review of creditworthiness of states by BlackRock suggests that Spain is rapidly falling to levels close to Argentina, the South American country’s whose own bankruptcy erupted a decade ago.
Swedish daily Dagens Industri said the report identified Spain’s banking sector as “the Archilles’ heel of the eurozone.”
Spain has been grouped with India, as countries whose public finances are worsening at a rapid rate.
At the other end of the spectrum, BlackRock identified Norway as the world’s safest country from a creditworthiness point of view. Sweden is in fourth place, behind Singapore and Switzerland. Yet another Nordic country, Finland, is in fifth place.