Thanks for the numbers, you are right. The charts are remarkably similar for Greece http://sdw.ecb.europa.eu/quickview.do?SERIES_KEY=129.RPP.Q.GR.N.TF.00.3.00

Thanks for the numbers, you are right. The charts are remarkably similar for Greece http://sdw.ecb.europa.eu/quickview.do?SERIES_KEY=129.RPP.Q.GR.N.TF.00.3.00 http://sdw.ecb.europa.eu/quickview.do?SERIES_KEY=129.RPP.Q.G... Spain http://sdw.ecb.europa.eu/quickview.do?SERIES_KEY=129.RPP.Q.ES.N.TD.00.0.00 http://sdw.ecb.europa.eu/quickview.do?SERIES_KEY=129.RPP.Q.E... Portugal http://sdw.ecb.europa.eu/quickview.do?SERIES_KEY=129.RPP.Q.PT.N.TD.00.5.00 http://sdw.ecb.europa.eu/quickview.do?SERIES_KEY=129.RPP.Q.P... But i would still claim that in the case of Greece, the (masked) public debt crisis preceded the asset bubble whereas in Spain, Portugal and Ireland the public debt crisis followed the asset bubble.