Voting for devo max would leave us in the same financial mess as Spain

THE ongoing crisis in Spain is a dire warning to us all of what would happen here if we fell for the delusions of independence or devo max.

In 2008 Spain's public finances were in line with Maastricht requirements: an annual deficit of less than 3% of GDP and a national debt considerably less than 60% of GDP, thanks largely to central stringency and often surpluses in the administration of the national finances in Madrid. Today the annual deficit is at 8% of GDP and the national debt is 84%, rising next year to 96% of GDP. Yields on two-year bonds last week peaked at a record 7%, and on 10-year bonds at 7.63%, before falling back after bulllish words from Mario Draghi, head of the European Central Bank ("Stocks rise on eurozone stimulus hopes", The Herald, July 28).

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