Sure Spain still has a private debt problem. But it is on its way of getting solved, at least on the companies’ side, through the sale of assets and reduction of investments. And more slowly by the families, who already think twice when it comes to leverage, because of employment uncertainties (77% of the credit to families comes from housing mortgages). Thus, credit to households is at minimum since 2007. The credit to businesses went down 6% year on year, according to Bankia.