More worrying is the absence of obvious sources of growth after the bursting of Spain's property bubble.
Since Spain's housing bubble burst, the thing most people want to know is whether he has any work going.
With Spain's housing bubble burst and the economy contracting, Mariano Rajoy's conservative Popular Party swept to power in a landslide general election win in November 2011.
It would be absurd to maintain that a prudent Germany is responsible for Greece's profligacy or Spain's property bubble (though a few heroic economists have argued this).
Sacyr was one of a trio of big Spanish construction companies that grabbed stakes in the country's biggest energy firms in the go-go days of 2006, near the height of Spain's property bubble.
Former bubble economies such as Spain and Ireland are suffering a painful hangover.
Fewer than half were sold before Spain's real-estate bubble burst.
Spain has what looks like a house-price bubble, and so does Britain and, arguably, Ireland.
Just like in the U.S., Spain was the victim of a massive real estate bubble that pushed the country into a full blown financial crisis.
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Besides debt woes in Greece, countries like Ireland and Spain were deeply exposed to the crash of the housing bubble.
If that's not feasible, he says, Europe can try to "recreate the bubble" by bringing back the conditions that allowed Spain to borrow so cheaply.
WSJ: The Weekend Interview with Bernard Connolly: Why the Euro Crisis Isn't Over
This means that, unlike in for example Spain, Germany has not experienced a mortgage debt-fuelled property bubble.
When my wife and I moved to Spain in 2001, I thought the country was in a real estate bubble.
Spain has struggled since the onset of the financial crisis in 2008 when its property bubble burst.
The bubble formed like this: When countries such as Ireland, Greece and Spain joined the euro, their interest rates immediately dropped to near-German levels, in some cases from double-digit territory.
WSJ: The Weekend Interview with Bernard Connolly: Why the Euro Crisis Isn't Over
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