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This document is a page from a 2012 J.P. Morgan market commentary authored by Chief Investment Officer Michael Cembalest. It presents a table comparing Spain's economic distress indicators against other European nations (Greece, Ireland, Portugal, Italy), identifying which countries are in 'worse shape' regarding specific metrics like debt and unemployment. The document includes citations for economic reports from 2010-2012 and standard legal disclaimers; while it bears a 'HOUSE_OVERSIGHT' Bates stamp suggesting it was part of a government production (possibly related to the Epstein investigation into J.P. Morgan), the content itself is purely macroeconomic analysis.

This document is page 5 of a J.P. Morgan 'Eye on the Market' report dated April 9, 2012, authored by CIO Michael Cembalest. The report discusses US market valuations (P/E multiples) and expresses significant concern regarding Spain's economic stability compared to other European nations like Greece and Ireland. The document bears a Bates stamp 'HOUSE_OVERSIGHT_025246', indicating it was obtained during a House Oversight Committee investigation, likely regarding J.P. Morgan's internal records.