The second euro crisis has already started. The return of tensions in the risk premiums of the sovereign debt of the southern countries is a warning. Twelve years later, we are back to the old ways. Blame Putin, the pandemic or whoever you want, the real culprits are only us who have created vulnerabilities. The underlying situation of the States is much worse than in 2010. Then, our public debt according to the excessive deficit protocol was 54.9% of GDP (March 2010) and now it is 117.7% (March 2022) . When Sánchez won the motion of censure it was 101.7% (June 2018).
That debt is there because the thesis triumphed that Spain could not be required to radically reduce its deficits.
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