Spain was already failing re.property, they just built too many. A lot of Estate agents on the costas were closing down from about 2006!
katy, that looks interesting.
Just to clarify, it was businesses in Spain that built too many properties, no? Certainly there was corruption in some local officials, but was there any large-scale corruption by the central government?
And if there had not been a global meltdown, would those properties have been sold to foreigners, for less than expected, but having more of a ‘soft landing’ effect on the economy instead of a crash?