- Ebrahim Rhbari, a London- based economist at Citigroup Inc.
Spanish economy contracted for the fifth consecutive quarter, increasing pressure on country's Prime Minister Mariano Rajoy to ask Europe for financial help. Gross domestic product tumbled 0.4 per cent during the three months through September, matching the same contraction of the second quarter. Analysts had predicted Spanish economy to shrink 0.7 per cent in the third quarter of 2012.
"Progress isn't conclusive, there is a huge amount of uncertainty in Spain right now," said Ebrahim Rhbari, a London- based economist at Citigroup Inc. "There are question marks about the banking sector and public finances and economic fundamentals suggest we will see a bailout sooner than later."
"Maybe next year will be the year for Spain," Ross said in an interview in Abu Dhabi. "They're just now beginning to recognize the magnitude of the problems. Until now they've been in total denial of the problems."
The Stoxx Europe 600 Index erased 1.67 per cent to 268.40. Germany's DAX Index tumbled 2.11 per cent to 7,173.69 and France's CAC 40 Index declined 2.20 per cent to 3,406.50.
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