€SPANISH DR€AM is a documentary, the result of research into the Spanish housing bubble. It is directed by Guillermo Cruz. Although the documentary was made 4 years ago, Spain's current situation and its foreshadowing in the film mean the documentary remains topical 4 years after its premiere on the internet and on independent circuits in Spain and Latin America. €SPANISH DR€AM speaks directly, with straightforward language able to reach any audience. It analyses the key aspects of a false economy brought about by different Spanish governments who only encouraged the economic growth of large companies at the expense of a population in debt and heading towards an economic precipice difficult to turn back from.
During the early years of the Euro, many people in Spain threw themselves into excessive buying and selling of houses. Consumption increased considerably and people thought they lived in a rich country, and consequently that they were rich too. 10 years after the arrival of the Euro, Spain is the country with the highest unemployment rate in the European Union, its debt is unsustainable and its people have fallen into despair due to the lack of future prospects the country offers its youth and the difficulties that more and more families face just to keep going. There are several factors which have led to this situation, for which there is as yet no civil and political responsibility; The large monetary injection coming from European banks, mainly German, doubtful in terms of legality; the government's leniency in allowing a large increase in prices with no regulation and monitoring the benefits of a housing bubble, aimed principally at the creation of large infrastructures which have not given any social benefits.
Guillermo Cruz is currently working on the development of a second documentary which also deals with about the economy, in which he goes further in his investigation and tells us about the source of the capital which caused the Spanish housing bubble disaster. It is a deeper analysis and a look back, which he believes is necessary to arrive at a difficult solution, which deals with the political situation as well as the economy. Right now there is a clear conflict, not up for debate and difficult to expose politically in Spain. Some want to recover what they have lent and others cannot pay... Guarantees from those who cannot pay are not valid for those who want to recover their money. That said, a question must be asked; if the guarantees are no longer valid, were they valid 10 years ago, when the disaster was initiated? Probably not in both cases, but as always the interests of big economic lobbys prevailed over any social interest and sustainable economic development.
During the years before the arrival of the Euro, the different Euro zone countries carried out various manoeuvres so they would be in a good position before the change in currency. Some increased liquidity above GDP, others allowed the evasion of capital with a view to knowing what the Euro exchange rates would be... With the launch of the single currency, which all countries supposedly entered into on equal terms and with a series of obligations to fulfil if monetary auctions began between European banks, with no visible control from each country's central banks. If we analyse the situation since the arrival of the Euro we will see that there is a direct relationship between the different events. Southern Europe needed liquidity and northern Europe was to have contributed resources. Hence the excess in liquidity of northern countries so that southern countries could have the necessary liquidity to grow and be able to reach the same level as northern countries. But this formula, of doubtful legality and which all countries in the Euro zone seem to have evaded, demonstrates the lack of effectiveness of the single currency which was a symbol of a united Europe under the criterion of economic power and which has resulted in the so-called PIIGS (Portugal, Ireland, Italy, Greece and Spain) finding themselves in a situation of permanent crisis, with the Euro on the brink of failure.