iShares MSCI Spain Index (ETF) (AMEX:EWP)

Yields 10%. Most of the doom and gloom has got to be priced in at this point, even if dividends are cut. Unemployment is already at 25%. The Euro currency is not likely to go away. Seems there is a high margin of safety here.

Technical imrovement is in process.

Next country after Greece where will be default

alot of people hate this country right now...that usually means opportunity is right around the corner

The state of the Spanish economy is by no means good and the price of this fund reflects that. The Euro zone will support Spain in the recovery simply because the other alternative is not acceptable. After a rainy day the sun will shine and companies like Banco Santander and Repsol will push the price of this fund back up, but not in the short term.

Spain is much healthier looking on site than the US media is portraying the country. They had five banks fail the european stress tests, because they were the only country that honestly had severe worst case scenarios (with up to30% drops in prices, versus some euro countries only having 1-5% drops in prices possible), as well as going above the minimal submission of information on bank holdings (while other euro companies only complied with the law of the test and not the spirit).

I am thinking Spain is going to be fine and recover nicely in the next 3 years.

Not strictly a Spain play but I'm betting it won't matter.

A convenient way to hold several desirable stocks. Top holdings Banco Santander (STD) and Telefonica (TEF) are world-class dividend-payers, both with strong exposure to the high growth of Mexico and Latin America. Ditto BBV, an emerging powerhouse that just picked up attractive assets in the U.S. at fire sale prices. Repsol (REP) is a very undervalued oil company that has been making spectacular finds. Iberdrola is the greenest utility on the planet: world leader (= most experience, knowledge) in wind power. Many other smaller holdings (banks, infrastructure) are nice kickers. NOT principally a bet on the Spanish economy. TEF has major exposure in E Europe, now China. One of my core holdings presently.

According to research firm Variant Perception, via John Mauldin, http://www.investorsinsight.com/blogs/john_mauldins_outside_the_box/archive/2009/08/31/spain-the-hole-in-europe-s-balance-sheet.aspx "Spain: The Hole In Europe's Balance Sheet":

"... Spain now has as many unsold homes as the US, even though the US is about six times bigger. Spain is roughly 10% of the EU GDP, yet it accounted for 30% of all new homes built since 2000 in the EU. Most of the new homes were financed with capital from abroad, so Spain's housing crisis is closely tied in with a financing crisis.
...
Spanish banks are hiding their losses and rolling over debt to zombie companies, much as Japan did in the last decade. ..."

Spain is a great country with stable monarchy that is selling at reasonable valuation.

This economy will suffer during next months...

The ECB policy will not adjust to the spanish housing problem, because it is the only country in the euro zone with sucha big problem, so... it will hit hard!

http://professor1x2.blogspot.com

Spain is in the beginning of their own housing bubble-caused recession. Shares of EWP have hit a P&F spread bottom signal, with support at $51 from all the way back from the beginning of 2007. If I could find shares of this to short, I would.

Euro

Play on Latin America as much as anything, as Spanish corporations do an enormous amount of profitable business in many of the rapidly emerging markets of South and Central America. But to have those kind of ties to the developing world, while enjoying the stability of residing and operating in the European market, is a unique position.

This is a great fund!

Spain

The language compatability with a growing latin america is helping the financial institutions of Spain pick up an increasing market share there. Investors are also looking to Europe to enhance/replace their flagging US portfolios.

Spain ETF. Strong dynamics in spanish economy. One of the more promising EU growers.

Spain's demographics will continue to explode for the next 10 years into the sweet spot of spending in people's lives.