Tweet
Was surfing the net, came across this, and thought it would be of interest to you.
http://www.theatlantic.com/business/...conomy/280678/
http://www.theatlantic.com/business/...conomy/280678/
-
-
That's a decent summary of what has happened there and the current situation. Thanks.
A guy I know in finance here in NYC made the point to me that despite the simplified notion that many have, the economic crisis in Spain really wasn't like the one in Greece. In Greece, crisis occurred in large part because the government borrowed way to much money and spent beyond its means for years.
In Spain, the crisis occurred because of the private sector. Most of the banks collapsed because of the collapse of the housing bubble and their exposure to it. That resulted in the collapse of the economy. The Spanish govt. had actually been fairly responsible until that point in time.
It'll be interesting to see what it is like when I go back there this winter.--------
"We choose to go to the moon."
Comment