Spain's Ongoing Decade of Self-Delusion

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Spain's Credit Bank, in Madrid. The bank's name is a little ironic these days, as Spain's banks have virtually stopped lending, because they're already bogged down by failed loans, mainly in construction. (Photo Gerry Hadden)

As one economist recently put it, in just a single decade Spain has gone from semi-rural backwater to Europe's fourth largest economy, and back again.

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