Katharine Ainger:
Actually the public deficit is a smaller proportion of GDP in Spain than in Germany.
There is a huge mountain of toxic private debt largely due the property speculation bubble. Many regions were quite dependent on revenue from this sector which has now dried up.
That is just one reason why the population is demanding a debt audit. While there are many politicians to blame, it wasn't the nurses and teachers who bankrupted the state.
But austerians are sadists.
Devil ( Greece as the boogie-man ) is always around the corner as a stick.
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