Ett av spørsmålene som besvares er: Then how did Spain get into its current mess?
It all started with a housing bubble. During the 2000s, thanks to low interest rates and an influx of foreign capital, Spain had a furious boom in housing construction — houses that, it turned out, the country didn’t really need. Below is a graph of the price-to-rent index in Spain, which gives a sense of the sheer size of the bubble. And Spain still isn’t anywhere close to recovering. Economists Cinzia Alcidi and Daniel Gros have estimated that housing prices in Spain have fallen 26 percent, but that’s still only about half of the total decline that will ultimately need to happen:
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