He pasado la tarde leyéndome este informe de Citigroup. Lo escribe Willem Buiter (y coautores), un economista en general bastante competente. Le dedican algunos párrafos a España:

For much of 2010 and before the rise in Spanish yields in the final months of the year, markets had put Spain in Italy’s sovereign risk class when, in our view, it should be closer to Portugal and Ireland once three sets of obstacles standing in the way of fiscal sustainability are recognised. These are first, the inadequate recognition of bad loans in its banking sector, especially among the cajas; second, the obstacles to radical fiscal tightening created by the delicate relations between the central government and the autonomous regions and municipalities; and third, its limited growth prospects without radical labour and product market reforms.

Más abajo, en la página 62 nos dedican una página y pico solo a nosotros. Al margen de que el diagnóstico pueda ser o no acertado -que lo es- es un buen termómetro de lo que piensan los inversores que quieran quedarse con nuestra deuda. Si tenéis tiempo, dedicadle un rato a hojearlo.