What’s really going on in Catalonia

What’s really going on in Catalonia (Notes on the present financial crisis in Spain and the political options for Catalans)

Admittedly, Catalonia’s record in the making of today’s crisis is not brilliant. Like other southern European societies, it got used to living beyond its means. The real estate boom, encouraged by cheap credit and slack financial and political supervision, created the illusion of riches that is at the root of the present troubles. At the same time, the irresponsible policies of previous regional administrations have left a poisonous legacy of public debt. Catalans have brought upon themselves much of their hardship, but their economy remains strong enough to overcome the situation, and their burden of public and private debt would be manageable in the short to medium term if Catalonia had full use of the revenue it generates…

See on emma-col-cat.blogspot.co.uk