More on the Spanish stress tests: The base case scenario (page 11) assumes GDP growth returns in...

|By:, SA News Editor

More on the Spanish stress tests: The base case scenario (page 11) assumes GDP growth returns in 2013 (0.7%) and 2014 (1.2%). For stocks, the IBEX is assumed down 1.3% in 2012 (currently down about 15% YTD), and then essentially flat over the next two years. The adverse scenario has stocks down 5% in 2013, flat in 2014 - that's the adverse scenario.