This video from WSJ.com does a fantastic job at displaying the complexities of what it going on in Spain.
We all know about what happens when a housing bubble bursts, but one on the scale of Spain’s needs to be seen to be believed. Adding to that the unemployment crisis and the impact of austerity measures and this video does a fantastic jobs of skewering the any confidence remaining in the European system right now.
Note: There is a touch of anti-Mediterranean racism in here, as mentioned by Edward Harrison. But, nevertheless, it is worth viewing.