ES POSIBLE que cosas como esta nota de una firma internacional de análisis ayuden a entender el ERE de Telefónica:

Spanish telecom giant Telefonica (TEF - Analyst Report) is suffering a continuous decline in its domestic market share due to a sluggish economy. The customers are switching to cheaper offers from smaller rivals, leading to lower revenues and earnings for the company.

[...] We believe Spain is not working in favor of Telefonica. The lingering economic downturn in that country, much longer than apprehended, is likely to drag the company’s profits and liquidity. In addition, the company’s Spanish revenue continues to be affected by the ongoing reduction in mobile termination rates, which is the fee that operators charge each other to connect calls.

Pero supongo que es más divertido hacer un poco de demagogia...