Spain’s Long Economic Nightmare Is Finally Over

Spain’s Long Economic Nightmare Is Finally Over
By one measure, life in Barcelona is today 36 percent cheaper than London, 28 percent less expensive than Paris,
and even 4 percent cheaper than Berlin, long a magnet for young people looking for European civilization at a discount.
“A crisis is probably the best moment to start a new business,” said David Pérez, who ditched a career at IBM to start Go — PopUp, a platform
that matches owners of commercial spaces with retailers seeking to establish pop-up stores.
The crisis knocked down the cost of living in Spain, making Barcelona one of the most affordable, highly-desirable
metropolitan areas in Europe — a realm of glorious architecture, inventive food, and pleasing weather.
Less than a mile away from the Barcelona port, workers donning safety jackets
and dusty boots prepare to descend bare concrete steps to their jobs building a new subway station.
The Spanish government carries enormous debt, reaching 100 percent of the economy’s annual output, the leftover
cost of paying out unemployment benefits during the crisis while also bailing out crippled banks.