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Spain Default Will Likely Hit U.S.

Last updated 5 years ago

"As Spain announced its slide into a new recession, economist Harry Dent told CNBC today that the Spanish recession could force the U.S. stock market to fall anywhere between 10 percent and 20 percent.

Dent’s statement came as a response to Standard & Poor’s downgrade of 16 Spanish banks and the announcement that the first-quarter gross domestic product figures that reflected the country to be in recession.

"Spain’s problems are far worse than what happened in Greece,” said Dent. He went on to say “Spain has higher unemployment than Greece, higher total public and private debt than Greece,” as well as a bigger housing bubble, a higher percentage of subprime mortgages, and the country has “one of the highest percentages of debt owed to foreigners.”

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