And Now The Good News
When Spain won the Euro champs last summer the front page of one of the newspapers said "46 million people say thank you". Spain's population when I was studying was stuck resolutely at 38 million with the second lowest birthrate in Europe. 8 million people have come into the country in just over a decade and they require housing and services. The base of the pyramid is therefore strong as price drops bring properties into the range of these recent immigrants, as long as banks are lending, and that is the issue at the moment. The banks have totally lost confidence in the same lemming like way that they all jumped on the bandwagon in the first place.