The reader should make no mistake about it. That he presided over the taking of swift action in the face of last spring's bond market upheaval does in no way changes that the two defining characteristics of José Luis Rodríguez Zapatero's presidency over the course of the current crisis are captured by the words, incomprehension and denial. That he might believe that he has now survived all the trials by fire that life might put him to comes via an item at idealista.com...The Zapatero-Espinosa family has decided to put up for sale their house in El Mirador de Vera (Almería) three years after purchasing it. According to sources, Zapatero, who recently confirmed that housing prices in Spain had reached their bottom, it is priced similarly to that at which it was purchased (440,000 euros) despite the fall in home prices and that there are similar advertised at idealista.com at between 330,000 and 345,000 euros, 25 percent less.
Perhaps the short trip that the Spanish 10-year debt benchmark spread took above 200 bps on Friday will serve as a convenient reminder that the test is not over and the country is not, magically, going to find itself in 2007 one fine morning - and he'll stop threatening to backslide, as he has been recently, on what are already insufficient reforms.
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