Recession in Spain - No Chance

Bank of Spain's Ordonez sees no chance of recession in Spain this year.I personally think he is nuts as;Over 40,000 estate agents have already shut their doors, according to the realtors federation. There are 600,000 unsold homes on the market. Unemployment is rising at a rate of 90,000 a month (seasonally adjusted). UBS says country has built up cross-border liabilities of $362bn, much of it owed to German and French banks, and is facing a foreign "funding freeze".

This is also a common theme in France and Italy so can someone please explain why the Pound is at historic lows against the Euro