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Spain is set to take Germany's place as the strongman of Europe, says Morgan Stanley's Joachim...
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Wednesday, February 13, 11:54 AM ETSpain is set to take Germany's place as the strongman of Europe, says Morgan Stanley's Joachim Fels. High unemployment means labor costs will remain low for years, he says (doesn't high UE kind of disqualify a country from being another Germany). Fels notes Ford and Renault have both recently moved production to the country. EWP +2.8% YTD.
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now, let's look at how our ruling elite have gone seriously long in the last 10 days on the ust's; let's see, say one thing, do another...
How do I get job that allows the demonstration of such incompetence?
If the productivity of a Spaniard's is 0.7x that of a German's, it's all right if he gets paid at the same lower rate. It's better if the pay rate is even lower than that. That's likely the case because the businesses moving into Spain aren't stupid; they must have done their homework.