One Spanish town’s recession
In Spain, the economic crisis is hitting small towns particularly hard. Many villages got rich during the country’s housing boom. And they assumed they’d keep getting richer. So they borrowed lots of money. But then real estate went bust and their collateral, undeveloped public land, lost its value. Now, basic public services such as trash pick-up are going neglected in places such as the tiny mountain village of Collbato, in northeast Spain. The World’s Gerry Hadden just returned from Collbato, and has the story.
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