But Spain had an absolutely massive private debt, that's now crashing down. Moreover this building bubble has been extremely obvious to anyone who's ever been t

But Spain had an absolutely massive private debt, that's now crashing down. Moreover this building bubble has been extremely obvious to anyone who's ever been to Spain in the last few years. A responsible government should have been stepped in a few years ago. What matters in terms of financial responsibility is not public debt alone, or private debt, but both.