Thursday, April 5, 2012
A Polish view on Spain’s difficulties
"It is hard to see how the stifling austerity measures are going to get the Spanish economy out of recession and decrease unemployment. What is certain is that even if the EU manages to save Greece from bankruptcy-- something which most economists agree is at best doubtful-- in the case of a similar crisis involving Spain there will not be enough money for a bailout."
Text of article by Krzysztof Kęciek from 'Przegłąd' magazine.
Translated by blogger Czarny Kot, a former Spanish resident.
Read more here.
This article makes some pretty valid points. The use of computers is a bit behind the times...though that is now changing. Mentalities are more often the problem but it is the old fashioned nature of this country that can sometimes be its best points.
The only point I would dispute in this article relates to the claim that "the [construction] boom was fuelled by mortgages." This is only partly true because it does not acknowledge the pushing up of land/property prices by those who bought up big time despite living outside Spain.
Equally, the author does not mention share prices and other financial market speculation as a major factor in overheating the economy. His suggestion that the protestors have largely stopped protesting is also incorrect.