Interesting, if worring, piece.
Once the benefits of record low Euribor and other artificial props finally expire, look for Spanish real estate prices to literally plummet destroying not just the local banking system, but that of the entire interlinked European financial system.
Chris, reading your reaction I’m reminded of that from various EA members of this community to the Variant Perception report “Spain the Hole in Europe’s Balance Sheet” back in Nov 2008.
The article itself has now gone from view but in the time since then what they wrote (Continued house price falls, troubled banks, high unemployment, economic stagnation) has largely come to pass.
Now I don’t give this guy as much credence as I do Variant perception. As far as I’m aware he doesn’t have a track record and, as highlighted by the quote above, is somewhat over dramatic. That said, the arguments are coherent and he is only giving a more extreme version of what many well respected commentators have long been saying.