No_Bailouts!

Risk of Serious Meltdown in Spanish Economy

Repost of a comment from RGE:
Thanks for the articles. You have correctly identified the problem and your predictions are probably correct too, but your solution is very strange - after saying that Spain has avoided much needed corrections, you are now proposing a bailout for all the irresponsible lenders, borrowers, builders etc. In other words, the economy would not be allowed to correct itself, because the irresponsible behaviour from previous years would not be punished (at least not to the full extent.)

I believe that instead of a bailout, it would be wise to let the builders and banks fail, let the land prices fall back to truly affordable and sustainable levels and finally learn the right lessons.