Living in southern Spain we are used to seeing whole areas of towns/cities and apartment complexes which are completely empty. There are over 1.5 million newly constructed properties in Spain standing empty and this does not include incomplete structures or cleared plots of land.
Spain is a member of the group of countries named “PIIGS” (Portugal, Italy Ireland, Greece, Spain) but to date has not really been high on the radar with regard to debt. One of the reasons is that the country is divided into 17 autonomous regions which have different/dispersed reporting structures. It is probable that the debt levels are on a par with Greece but it has not come to the fore yet. Sad to see this.