When you have hundreds of thousands of new housing units sitting unsold for years, and it was anticipated they would be snapped right up (by people building them?) you have a problem. Half the total value of your national real estate value being at risk of default is also a problem. If you refuse to acknowledge it, it only means more people are caught by surprise when the bubble is acknowledged to have burst.
There's going to be a lot of surprised people in Spain in the next year or two.
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