Spain: Economic pain to deepen despite bank rescue

Article written by Prieur du Plessis, editor of the Investment Postcards from Cape Town blog.The article below is a guest contribution by Cees Bruggemans, Chief Economist of First National Bank.Last week, the Euro area Purchasing Managers Index (PMI) rose for the second month in a row, topping out above 50, surprising market analysts who had expected 48.