But Spain had an absolutely massive private debt, that's now crashing down. Moreover this building bubble has been extremely obvious to anyone who's ever been to Spain in the last few years. A responsible government should have been stepped in a few years ago.
What matters in terms of financial responsibility is not public debt alone, or private debt, but both.
It did try to regulate building, but there was too much money coming in from abroad as loans. It couldn't stopped its inflow because it is against EU treaties.
What matters in terms of financial responsibility is not public debt alone, or private debt, but both.