We keep reading horror stories from the southern European countries about how badly they are affected by the economic crisis. Factories are closing, civil servants are made redundant, the provision of medical services suffers, people emigrate, everything is going downhill.
The state of Spanish infrastructure offers a particularly strong example. This is what hiking trails in Spain look like:
Allegedly this is Germany’s fault, although nobody has been able to convincingly explain the connection. To me, it rather seems like debt-financed houses of cards are collapsing, as they were prone to do one day. Even if Portugal, Spain and Greece have less money than before, it is still up to them to decide whether to spend that money on hiking trails or on submarines, on hospitals or on the Royal court.