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Eurozone: Spanish general election on 20 Dec to be the next big thing - Westpac

FXStreet (Delhi) – Richard Franulovich, Research Analyst at Westpac, suggests that a nearly overwhelming policy firewall is now in place in the Eurozone (QE, OMT, TLTRO) but the prospect of Spain swinging from “reliable reformer” to policy paralysis and possibly even backsliding on fiscal adjustment/reform could still deliver a jolt.

Key Quotes

“The spotlight is back on Greece in coming weeks too, the government there giving itself a 25-day deadline (15 Nov) to implement a series of major reforms demanded by creditors in exchange for a third bailout. Prime Minister Tsipras’ governing coalition is made up of 155 lawmakers, a slim and vulnerable majority in the 300-member Parliament.”

“Sovereign stress of course damages confidence in the Eurozone project but perversely EUR has more often than not risen when stresses have flared, reflecting the region’s external surplus and the funding status of the currency.”

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