OMT programme will prolong Spain?s economic crisis

Living on debt is a Western disease which has been fuelled by the universalisation of inconvertible paper money. Obviously, Spain has not been immune, as anyone can clearly check by looking at the evolution of its public and private debt stock: from the beginning of the 21st century, public debt has grown from around €350 billion to €800 billion, while non-financial private liabilities have increased from €690 billion to €2.1 trillion. Therefore, in just twelve years, aggregate indebtedness has skyrocketed by almost two trillion euros, equivalent to twice current GDP.

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Source: http://www.iea.org.uk/blog/omt-programme-will-prolong-spain%E2%80%99s-economic-crisis

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