Punishment of the model student

Simon Tilford, chief economist at the CER, says "There is risk that many of the good things that occurred in Spain in the run-up to the crisis are now being overlooked, much as in the case of Ireland, whose pre-crisis growth story is now portrayed as now more than a property bubble". "Spain has not done so many things badly" continues the economist from CER, for whom the key cause of the crisis in Spain was "the massive inflow of capital into Spain as Spanish households and businesses – encouraged by negative real interest rates – went on a borrowing spree.  Spain is paying the price for the structural faults in the design of the eurozone" .