As a Spaniard, what a load of crap. We were given billions in European non-refundable development transfers, and we wasted them away in unproductive things like countless massive public projects: unneeded airports, "cities of culture/arts/lights/water/etc.", high speed trains to nowhere and a massively bloated public sector which sometimes seems to exists only to compete in overlapping, redundancy and red tape. Combine that with an incredibly rigid job market and spending-happy politicians and you get tons of debt and unemployment.