The Great Spanish Crash – BBC This World


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Paul Mason travels to Spain to investigate how this once thriving economy has become the latest casualty of the Eurozone crisis.


BBC Two: The Great Spanish Crash

Greece, Ireland and Portugal have all received massive bailouts with strict conditions. But Spain is different. One of the largest economies in the world, for nearly twenty years “cool Espana” meant cutting edge architecture, the world’s best restaurants and the magic of Barcelona Football Club. Spain was a European success story.

The transition to democracy after Franco’s dictatorship created a financial and political system that left the country vulnerable to catastrophe when the world economic crisis struck in 2008. One of the keenest advocates of the European single currency, Spain is now the biggest victim of the Eurozone crash with youth unemployment running at more than 50%.

Interviewing key players, including former prime minister Felipe Gonzalez and European commissioner Joaquin Almunia, Mason reveals how Spain’s extraordinary credit and construction boom has collapsed, leaving millions facing poverty and the politicians still bickering about a massive potential bail out.

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