5 minutes with Luis Garicano: “we are in a downward spiral,and it cannot be solved without efforts from Spain and fromEurope”

The last few weeks have seen the market’s concerns spread from Greece to Spain which has seen its sovereign debt rates rise to levels previously unseen in the time of the Euro. In an interview with EUROPP editors Chris Gilson and Julian Kirchherr, LSE economist Luis Garicano outlines what has led to Spain’s current problems and what chances it now has for recovery.