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"...Spain and Portugal have recently been thrown together ...trying to convince global markets of the viability of their economies so as to avoid a bailout."
“Spain had its housing bubble, which increased the wealth of Spanish families,” said economist Rui Barbara of the real estate boom whose end coincided with Spain’s slump. “Portugal didn’t have that. But even without having a housing bubble we’ve spent a lot. We increased our household debt levels by buying shiny new TVs and cars.”
