I mostly liked this video but I ask "Is this an accurate depiction?" It definitely has a slant – one that I don’t necessarily agree with and that seems political. The subtext at the beginning of the video:
"Spaniards are lazy and living off the government (just like the Greeks). That’s why Spain is in a mess."
While there may be many who are living off the government, Spain’s main problem is a property bubble as it was in Ireland. I caution you that this is not an objective piece of journalism in that regard. I give it high marks for its recognition of economists who argue that austerity can (and probably will) lead to a worsening economic outlook in Spain. The second half of the video is more objective than the first. Take a look. (Runtime about 18 minutes).
Also see:
- Moody’s Cuts Spain’s Rating – WSJ.com
- Spain Comes to a Halt (slideshow) – WSJ.com