'MAÑANA' IS TOO LATE

(...)
In the past decade, during el boom, money poured in, inflating a huge construction bubble. Grand infrastructure projects like Ciudad Real airport sprouted. Many of Spain’s 17 regional governments channelled cash into trophy schemes—universities, art galleries, high-speed rail—with no concern for whether they would pay their way. They were abetted by the cajas, small unlisted savings banks, often with opaque ownership structures, that lent recklessly on the assumption that property prices could move only in one direction. (...)

http://www.economist.com/node/21538741