Spanish economy as credit-sickly as US?

A Fistful of Euros notes Spain has many of the same credit- and mortgage-related problems as America does.

And, interestingly, it looks like the European Central Bank may be willing to play a “pawnbroker” role similar to the Federal Reserve. Read the whole post for more.

It’s long and somewhat economically wonky, but very interesting.

And, I’m sure that Germans who feared the loss of bank independence when the Bundesbank was superceded by the ECB are tearing their hair out at the possibilities.