Spain’s Long Economic Nightmare Is Finally Over

Spain was a victim of the budget austerity imposed by European leaders in a wrongheaded effort to choke the crisis. Faced with the bursting of the real estate bubble combined with a global downturn, the government should have unleashed money on infrastructure projects to generate jobs.
By one measure, life in Barcelona is today 36 percent cheaper than London, 28 percent less expensive than Paris, and even 4 percent cheaper than Berlin, long a magnet for young people looking for European civilization at a discount.

More from Peter Goodman in the Times here