Carles Boix, The Financial Times | April 20, 2012
Spain faces a structural crisis. ++ International demand for Spanish bonds is extremely low, making Spanish banks the main buyers. ++ This comes in the aftermath of the Spanish government playing politics and not offering sufficient reforms. ++ The central government must take steps such as cutting public wages, freezing pensions, and postponing retirement ages. ++ Spain should also absorb non-productive autonomous governments and allow the productive regions like Catalonia to prosper.