Is Spain going to explode, and if yes, then how much would it cost? That is probably a question of one trillion euros or rather more. The balance sheet approach is far too often being ignored by the main stream analysts when analysing countries, yet when one would use it for comparing Greece and Spain, then one would find striking similarities between these two countries. This four page blog-style report first analyses the story of Greece, and then compares Greece and Spain based on the balance sheet approach. The qualitative discussion is complemented with the factual data and graphical illustrations. That is what the IMF would probably not tell because it is too revealing. Yet it is true.
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