danwalk

So Just When Does Spain's Twin Deficit Problem Become Unsustainable?

Lovely analysis—if not a bit frightening. For so long it seemed as though the average Spaniard—as well as the average Spanish government official—was content to place all the blame for the economic crisis on the Wild West mentality of the American market. Now, I think many (but not all, unfortunately) are finally realizing that the Spanish economy has its own special kinds of gremlins.