New meaning to Spain’s National Day2007 through 2013 were years the Spanish people would rather forget. It was the era of Spain’s double dip recession and struggle for survival. Prior to 2007, the Spanish economy was riding high on strong economic growth (average of 3.7% since 1999 ), access to cheap financing and massive spending on prestige projects. The culprit to Spain’s economic mayhem were the liberal loans given to home builders and buyers at low interest rates – a situation that caused a bubble of over-inflated prices. In a few days, Spain will commemorate its national day – the day Columbus first arrived in the Americas in 1492.

Source: Manila Bulletin October 10, 2016 04:52 UTC