Spain fact of the day

The regional governments already account for 57 percent of Spain’s public spending, double the level of two decades ago, according to Carlos Sebastián, economics professor at Complutense University in Madrid.

There is more discussion here.  As in Greece (or for that matter the EU!), the fiscal difficulties are revealing political difficulties which have been papered over by excess and unsustainable levels of subsidy.  That's why this is more than just a straightforward financial crisis.


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