Here’s a really incredible chart. Do you follow the Spanish stock market? Yes, me neither. So I was surprised to notice this incredible chart of the pain in Spanish equities. Despite recovering briefly in 2009 they’ve been on a perpetual downward spiral ever since. The IBEX 35 now sits just 6% above the March 2009 panic low and a staggering 50% below the 2007 highs. Incredible.