This story keeps growing. Here. the New York Times explores the depth of the crisis in Spain. Debt is insidious. Vast, sometimes hidden, daunting. Easily seductive; hard to dig out from.
The Cincinnati Stereetcar is emblematic of the debt problem. Almost 100% financed with debt, and an absolutely worthless project.
http://www.nytimes.com/2011/12/31/world/europe/as-spain-trims-deficits-scrutiny-falls-on-regional-governments.html?_r=1&ref=global-home
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