The Three Spanish Crises

Spain was in crisis well before 2008. The problems are longstanding ones and may well last for many decades more. That is why the gap that separates us, in terms of convergence, from the more developed European countries is becoming wider. Over recent years, Spain has just sat back and enjoyed the fun, basing its illusion of convergence with Europe on the sale of State-owned companies during an upward cycle, on European subsidies and on disproportionate borrowing. Spain is becoming more and more like Portugal and, at this rate, it would be no surprise if our economy was to become like that of Argentina. There too they thought they were well-off and we all know how they ended up.