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Spain is too big to fail, and to big to save. Its a bug in search of a windshield as John Mauldin sometimes says about Japan. And with 23% unemployment in Spain, how can it be considered in anything but a full on Depression?
The issue is that developed and developing countries may have different interests and agendas. Whilst the West may be more willing to make the the renewable energy investments necessary, developing countries consider it unfair that they are being asked to make sacrifices before they have moved up the economic chain. Its the developed/developing worlds that must be reconciled here.
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Mar 20, 2012