Why stubborn Spain must swallow its pride

Despite Spain's striking advances in competitiveness, central bank inflexibility means the case for debt restructuring is becoming painfully clear.

In the beginning, the eurozone crisis featured two core problems: large imbalances of trade and competitiveness, and a daunting debt mountain. Two years on, the challenge has shifted: there have been striking advances in competitiveness but the debt is as formidable as ever.

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