@zenkarma. Spanish surplus was from the sales of properties & the taxes collocted from these sales. in so far as the growth of 4%.
Certainly the surplus was a result of property, I wasn’t suggesting otherwise. You can’t have a massive housing boom and not make lots of tax money.
However, see the export graph? Spanish exports are continuing to rise and that has nothing to do with property or the strength of the euro.
The underlying Spanish economy is reasonably healthy, the unemployment and debt is all down to the collapsed property market, which as I suggested elsewhere and will say again here, is down to their own stupidity, greed and mismanagement. They built far too many properties, too quickly because it was easy money, they didn’t see the global crashing coming and got caught with their pants down. They have no-one to blame but themselves.
Pineapple man was suggesting it was all down to the strength of the euro – nonsense.