The It's Wednesday, May 20, 2020, just after market close in London.

This is the Real Vision Daily Briefing.

I'm Ash Bennington from New York, joined shortly by Roger Hurst. But first here's Nick Carrey with the latest market news.

Thanks Ash. Today I'd like to discuss Spain's reopening, where they're currently at,

and what potential hurdles they'll experience in the coming months.

We've talked often about Italy and the challenges ahead for them, but Spain will also struggle

on the path to recovery to the same degree as Italy.

According to the IMF, Spain had approved a four-phase plan

on April 28th to reopening,

and different provinces will move further along

than others, depending on how each is fairing.

Most of Spain is in phase one now,

with the exceptions of the Madrid region and Barcelona region,

which remain in phase zero.

Spain is also looking to reopen its borders to tourists by the end of June in the best case scenario.

The country is heavily dependent on tourism, making up about 12% of its economic output.

And even if they're able to reopen their borders late next month,

the industry is still expected to lose 93 to 124 billion euros in revenue,

or 100 to 134 billion US dollars,

according to Exeltour.

In order to effectively attract tourists, though,

Transport Minister Jose Louis Abilos

...