Spain and it's economic depression "Spain's new middle classes slip into poverty"

"Antonio has seen no sign of such work and is looking as far as Africa for employment. He says it is only a matter of time before he defaults on his mortgage.

The couple are ashamed to be seen entering the soup kitchen's grey metal doors, formerly open only to the homeless and elderly. Mari Cruz doesn't take her children inside the hall, where Spaniards and immigrants eat in silence beneath flower-adorned pictures of the Virgin Mary and saints.

"If we had known what was going to happen, we would not have borrowed like we did, but no-one knew," she says, tension in her voice.

A scary article and a sad one from Reuters 8/4/2009: "Spain's new middle classes slip into poverty"

Also a reminder on how an over leveraged housing boom eventually busts. The Spanish housing bubble surpassed the US (per capita) at it's peak. Others include Ireland and the UK (deflated), with Australia still inflating (frightening) albeit volatile.

Please refer to morbius glass coverage of Spain, found here

Also list of post's with Spain as a keyword