NewYorker.com
The subtitle for this lengthy, eye-popping, and forehead-slapping article is “the eurozone’s fourth-largest economy has become its biggest liability.”
Paumgarten exposes and corruption that is rife in Spain, and also paints a picture of the horrible mess left after an orgy of borrowing and building:
“New state-of-the-art airports near Valencia and Madrid are surrendering to weeds. Six hundred new houses in the village of Pioz, outside Madrid, are empty, and the government estimates that it will takes more than seven thousand years for Pioz to get out of debt. A movie studio in Alicante called Ciudad de Luz, completed in 2005 at a cost to taxpayers of three hundred and twenty-five million dollars, has gone dark…”
You may read more at http://www.newyorker.com/reporting/2013/02/25/130225fa_fact_paumgarten (subscription required).
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